The Dublin International Insurance and Management Association (DIMA) and Insurance Ireland will merge in the New Year to bring together the domestic and international insurance and reinsurance sectors under one umbrella.
In a statement DIMA said that this expanded membership association will deliver critical benefits for insurers and reinsurers through enhanced representation, by leveraging synergies and by delivering operational efficiencies.
DIMA added that with a mandate from the respective associations’ members, the merger will support the industry in achieving its full potential and send a clear signal to the global market place that Ireland’s strong re/insurance sector is the location of choice for insurance and reinsurance operations.
The merged organisation will represent over 140 insurers, reinsurers and captives in a major industry that employs approximately 28,000 people and provides vital services for economic activity both in Ireland and internationally.
Eddy Van Cutsem, interim CEO of DIMA said: “It is important that we respond to our members’ requirements as they adapt their businesses to a changing world. In this new merged association we offer strength and depth across all dimensions of re/insurance.
“Ireland has developed into one of the few truly international re/insurance centres by becoming a home to both generalists and specialists: this diversity of business gives Ireland its unique flavour as an international centre for risk business.”
Kevin Thompson, CEO of Insurance Ireland said that there was a compelling rationale for the merger of Insurance Ireland and DIMA to realise benefits for their combined memberships and the Irish economy.
Thompson added: “Both Insurance Ireland and DIMA have proud traditions of representation and this merger will harness our respective expertise, knowledge and networks to allow insurers and reinsurers in Ireland to speak with one voice. The merged organisation’s agenda will be reflective of the scale of the industry in Ireland and the opportunity it presents for future growth.”
“Through achieving synergies in representation in Ireland and Europe, as well as operationally combining member services and events, this merger will harness the abilities and aspirations of two very driven organisations in common cause.”
In the past both organisations have promoted Ireland as an international hub for insurance and reinsurance and DIMA said that these efforts will be a priority for the merged organisation.
According to DIMA the functions and services for the combined membership will be fully integrated over the coming months.
DIMA, Europe, Insurance Ireland, Insurance, Captive, M&A, Reinsurance, Risk management, Eddy Van Cutsem, Kevin Thompson,