(Reuters) — Zurich Insurance plans to move its European Economic Area holding company to Germany from Ireland after Britain leaves the European Union, the head of the insurer’s European division said.
The decision to transfer the company, Zurich Insurance PLC, will affect 110 jobs, Zurich EMEA chief Alison Martin told Reuters by phone.
Zurich Insurance PLC also covered UK operations, but that will change later this year when the temporary permit regimes end, Martin said.
“As a group, we’re always looking for opportunities to simplify,” she said.
“With Brexit underway and with the UK leaving this structure … Germany will then become by far the largest business that we have within Zurich Insurance PLC.”;
Zurich has not decided whether Zurich Insurance PLC will be transferred to the insurer’s offices in Frankfurt or Cologne, Martin said, adding that the move would not happen before 2024.
Zurich’s domestic Irish insurance business, which employs 1,100 people, will not be affected, she added.
Staff working in Dublin for Zurich Insurance Plc will be consulted about moving with the holding company, within the wider company or for redundancy, Martin said.
The holding company for the UK operation will become a branch of Zurich’s Swiss operation, following a bilateral agreement between the UK and Switzerland, she said.