COLERAINE firm MCL InsureTech has completed the relocation of its Irish business to Dublin.
The insurance company first announced plans to re-route all its Irish operations through Swords in January, creating 40 jobs as a result of the €3m investment.
As of December 1, MCL InsureTech will be regulated by Central Bank of Ireland, completing the relocation of its Irish arm..
The Coleraine company said the move was a direct response to Brexit, ensuring it can access 500 million potential customers in the Single Market and easily manage its Irish customer-base without the restriction.
It will retain 102 staff within its Coleraine headquarters.
MCL Insurance Services (Ireland) Ltd services around €60m of gross written premium and 90,000 customers in Ireland.
Its online insurance brands include Its4women, 25plus and BoxyMo.
Speaking about the transition, managing director Gary McClarty said: “Due to the potential disruption of Brexit, we applied to be directly regulated by the Central Bank of Ireland and to create a new Irish entity - MCL Insurance Services (Ireland) Ltd. - that will handle our Republic of Ireland customers."
Mr McClarty said that the opening of the Irish base will allow it to expand on its services and create more jobs in the south in the coming years.
“Although Brexit has created a lot of uncertainty in the insurance space, now that we are regulated by the Central Bank there are exciting times ahead for our business.
“We will be launching a range of new products and services that will hopefully benefit the Swords and wider area in terms of employment for now and in years to come.
“We have been very impressed with the calibre of the recruits in the Swords area and look forward to developing our business in Ireland.”
