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Another London insurer eyes Dublin as Brexit looms

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(Reuters) -- Neon Underwriting Ltd. may set up a Dublin business to sell insurance policies throughout the European Union if Britain loses access to the single market, chief executive of the specialist Lloyd’s of London insurer said on Thursday.

Lloyd’s is working on plans to move some business to the European Union, aiming to be ready for the shift as soon as Britain starts divorce proceedings from the bloc.

“We are looking at our own plans as well should the Lloyd’s contingency plans not work out or should we feel that our plans may be better suited for us,” Neon CEO Martin Reith told Reuters. “That would include potentially a Dublin platform with passporting rights across Europe, to give us access to the business that we need.”

Ireland’s central bank said on Thursday that an increasing number of global insurance groups are considering moving to Ireland.

Neon, which earns about 20% of its premiums from Europe, is a member of Great American Insurance Group, whose members are subsidiaries of American Financial Group Inc.

American Financial Group already has a Dublin base, Mr. Reith said.