Dublin becomes UK’s reinsurer

A survey of UK insurers has highlighted an increasing trend to buy reinsurance protection overseas and, in particular, from domiciles that offer tax incentives. Ireland, through its International Financial Services Centre (IFSC), appears to be the major beneficiary. Last year just over a quarter of all ceded reinsurance out of the UK found its way to Dublin. Far outstripping Bermuda and previous lead destination, the US. In 1998 UK insurers ceded 13.7% of all reinsurance premiums to Ireland. In 1999 this figure had risen to 25.9% of the total.