Merger Frequently Asked Questions
Why is the merger taking place?
The move benefits our operation and our customers in a number of ways:
- it allows us to better serve our customers, through the creation of a more efficient, well capitalised entity with access to a larger pool of resources;
- it enables us to share resources and expertise across all areas of the business that serve our customers.
- as a larger organisation it will help us ensure we have the best people and technology delivering for our customers.
What precisely is happening to Liberty Insurance in the first half of 2019?
Liberty Mutual will be making applications in Ireland, Spain and Portugal to consolidate the insurance activities of its operations in those countries into a single regulated entity. On completion of this process, we will continue to trade in Ireland under the name Liberty Insurance which will be an Irish branch of Liberty Seguros, and will continue to be regulated for conduct of business rules by the Central Bank of Ireland.
Will the company be changing its name?
No, the company name will remain Liberty Insurance and the Liberty Insurance brand will remain in Ireland. Liberty Seguros will only be referenced wherever our current regulatory line appears
Does this mean less stringent regulation?
Absolutely not. Liberty Insurance will continue to be regulated in Ireland for conduct of business rules by the Central Bank of Ireland. Liberty Seguros (Spain) has the same Solvency II requirements as we do here in Ireland, and the Spanish regulator (DGS) will be responsible for prudential regulation.
What is the difference between Conduct of Business & Prudential regulation?
Prudential regulation assesses how well a firm understands the financial risks it is running, how well placed it is to manage those risks, and how well it can avoid large, unexpected costs.
Conduct of Business regulation relates to the Consumer Protection Code which provides protection to customers and ensures compliance with consumer legislation.