OUTsurance plans to build up a business employing hundreds of staff in the Republic, the sources said, which would make it the first Irish-focused personal-lines insurer to establish in the market since Boston-based Liberty Mutual acquired Quinn Insurance from administration in 2011. However, Liberty is now in retrenchment mode, having hired Bank of America late last year to advise on the potential €1 billion sale of its European business, spanning Spain, Portugal and Ireland.
Meanwhile, the Central Bank imposed a ban last July on the previously widespread practice of motor and home insurers increasing premiums for loyal customers by stealth. Profits in motor coverage in recent years have partly been used by general insurers to subsidise loss-making underwriting of public and employers’ liability, and commercial property insurance.
Must be some huge profits to be made in Ireland 🙃