11th June 2018
IDA Ireland today welcomed the announcement that Arch Capital Group Ltd. [NASDAQ: ACGL] (Arch) plans to apply to the Central Bank to expand the group’s underwriting operations in Ireland to ensure continuity of its operations across the European Union (EU) once the United Kingdom leaves the EU, subject to Central Bank approval.
Minister for Business, Enterprise & Innovation, Heather Humphreys TD welcomed the announcement, saying “Ireland is now a major player and a very attractive location for International Financial Services companies from all over the world. Ireland's growing expertise in the knowledge-based sectors, especially in Financial Services, is delivering strong numbers of quality jobs. Our companies are increasingly able to provide the complex range of advice services required by both multinational and Irish companies based here. Ireland remains a committed member of the EU, benefitting from the many advantages that EU membership brings. I look forward to our mutually beneficial relationship continuing to develop in the years ahead.”
Minister of State with responsibility for Financial Services and Insurance Michael D’Arcy T.D. added, “I welcome this announcement which highlights Ireland’s attractiveness as a location for Insurance companies. Ireland will be the only common law jurisdiction and only native English speaking country in the EU post Brexit which will offer certainty to all insurance and financial services firms.”
Martin Shanahan, CEO, IDA Ireland in welcoming the development said “Arch Reinsurance Europe Underwriting already has experience of Ireland having first established its Irish reinsurance business here in 2008. Post Brexit, Ireland offers the company access to the UK and EU markets, a strong regulatory environment, and continuity of service to its customer base. This is another vote of confidence in Ireland and its expanding international financial services sector.”
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