Australian travel insurer World Nomads Group has formally launched its European headquarters in Cork, Ireland. The new base was officially opened yesterday, and World Nomads has already expressed its intention to quadruple the number of staff that it employs there, from around 20 to more than 80, over the next year and a half.
Part of the Nib Group, World Nomads’ new Irish arm is regulated by Ireland’s Central Bank and has European passporting rights.
“The managing general agency will see our business not only distribute and sell travel insurance in Europe,” said Bernard O’Sullivan, World Nomads’ General Manager for Europe, “but also provide all claims and insurance services to our travellers. We are currently migrating our European travel insurance arrangements from the UK and continental Europe to our Cork office. We estimate this will involve the transfer of more than 100,000 policies.”
Minister for Foreign Affairs Simon Coveney said that promoting the attractiveness of Cork for companies looking to set up shop in Europe ‘is very important for the Irish economy, particularly within the context of Brexit’. IDA Ireland’s Chief Executive Martin Shanahan agreed, saying that the rapid establishment and launch of World Nomads’ Cork base showed that companies can shift their operations very quickly, posing minimal risk of disruption as the UK’s exit from the European Union looms.
“Ireland has the right mix of regulation, skills, experience and office space to make us an obvious choice for financial services to locate,” said Shanahan, “and further demonstrates our importance as a gateway to the European Single Market.”