Dow 30 component, The Travelers Companies, Inc. (TRV) is an insurance provider of property-casualty insurance for home, auto, and business.
Reportedly, Travelers has recently received approval from the High Court of England and Wales for insurance business transfer under Part VII of the Financial Services and Markets Act 2000. The approval will allow the company to transfer the portfolios of all relevant in-force policies and historic liabilities for it’s Irish, French, German and Netherlands branches to Travelers Insurance Designated Activity Company, its newly formed insurance subsidiary based in Dublin and serving business insurance, bond, and specialty risks in Ireland and throughout the European Economic Area.
“Receiving court approval for our Part VII transfer is another milestone in our plan to ensure we will maintain high levels of service for our customers and brokers following the UK’s expected departure from the European Union,” stated Matthew Wilson, CEO of Travelers Europe.
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