Following Britain’s exit from the European Union, Zurich Insurance plans to relocate its European Economic Area holding company from Ireland to Germany, according to the head of the insurer’s European division.
The decision to relocate Zurich Insurance Plc will affect 110 jobs, according to Zurich EMEA CEO Alison Martin, who spoke to Reuters by phone.
Zurich Insurance Plc also covered British operations, but Martin stated that this will change at the end of the year as temporary permissions regimes expire.
“As a group, we are always looking for ways to simplify,” she explained.
“With Brexit happening and the UK leaving this structure, Germany will become by far our largest business within Zurich Insurance Plc.”
Zurich Insurance Plc has not decided whether to relocate to the insurer’s Frankfurt or Cologne offices, according to Martin, who added that the move would not take place before 2024.
She added that Zurich’s domestic Irish insurance business, which employs 1,100 people, will be unaffected.
Staff at Zurich Insurance Plc in Dublin will be consulted about moving with the holding company, within the larger firm, or about redundancy, according to Martin.
Following a bilateral treaty between Britain and Switzerland, the holding operation for the British business will become a branch of Zurich’s Swiss operations, she said.