SureStone Insurance is exiting Ireland after more than 20 years, blaming losses caused by stiff competition and a high volume of claims.

It joins a growing list of British-owned underwriters quitting the market because of poor claims experience, especially for public liability cover. While many operated cross-border from the UK — an arrangement that would not be able to continue after Brexit — SureStone has a stand-alone subsidiary in Dublin regulated by the Central Bank of Ireland. It specialises in home and professional indemnity insurance, especially for solicitors.

“The group has decided on an orderly run-off because of the high cost of participating in the market,” said SureStone director Malachy Smith. “You can’t make money because of the growth in claims.”

Policyholders will be fully