The lack of a ‘firm position’ on passporting by the government has led to uncertainty and the pullout, the insurer says
UK-based MCE Insurance will cease trading in the Republic of Ireland as of Friday 30 March, due to Brexit uncertainty.
It is pulling out of business in the country, it says, despite a period of continued growth and investment in the area.
MCE blames the government’s failure to deliver a ‘firm’ position on a transitional arrangement that would guarantee passporting rights.
The company said in a statement: ‘The exit from the Single Market has forced an end to MCE’s tenure as a leading provider of Motorcycle Insurance in the Republic of Ireland.’
MCE is the only dedicated motorcycle insurer currently operating in the region.
It will continue to administer policies and claims until 29 March 2019, which will enable live policies to run off and complete a full term.
The insurer confirmed it is investigating how to deliver a claims solution post-March 2019.
MCE chief executive Julian Edwards said: “This is a bad day for the whole team at MCE, however, to continue trading whilst facing into the unknown would be against our core values of professionalism and trust, and simply not fair to our valued Irish customers. Simply put, the Brexit vote has left us with no option but to withdraw from the Republic of Ireland.
“I would like to thank our Irish customers for their support and please rest assured, we have and will continue to have your very best interests at heart.”