The decision to transfer the company, Zurich Insurance plc, will affect 110 jobs, Zurich EMEA CEO Alison Martin told Reuters by phone.

Zurich Insurance plc also covers UK operations, but Martin said that would change when the furlough schemes end later this year.

“As a group, we’re always looking for opportunities to simplify,” she said.

“With Brexit happening and the UK leaving this structure, Germany will become the largest business within Zurich Insurance plc.”

It has not been decided whether Zurich Insurance plc will move to insurance offices in Frankfurt or Cologne, and the move will not happen before 2024, Martin said.

They added that the Irish domestic insurance business in Zurich, which employs 1,100 people, will not be affected.

Martin told staff working in Dublin for Zurich Insurance plc that they would consider a move with the holding company, within the wider business or redundancy.

Under a bilateral agreement between Britain and Switzerland, the UK business holding company will become a branch of Zurich’s Swiss business, she said.