AXA XL gains approval to move EU unit to Dublin from the UK
Re/insurer AXA XL has received authorisation from the Central Bank of Ireland (CBI) to move its principal EU insurance company, XL Insurance Company (XLICSE), from the UK to Dublin in response to Brexit uncertainty.
In September 2017, prior to XL Group’s acquisition by AXA Group, XL had announced its plan to move XLICSE to Ireland ahead of March 29, 2019 when the UK is due to leave the EU.
XLICSE is a wholly owned subsidiary within the AXA XL division of AXA Group, providing insurance within Europe and Asia and operating through an international network of branches, subsidiaries and third-party partners. As a Societas Europaea, XLICSE will be able to continue as the same legal entity in Ireland.
In the UK, AXA XL will retain XL Catlin Insurance Company UK (XLCICL), and its Lloyd’s of London operations (Syndicates 2003 and 3002).
“We are extremely pleased to have gained approval in principle from the CBI. We have a long and established presence in Ireland and appreciate the quality of business environment, the regulatory environment and the expertise there,” said Greg Hendrick, CEO of AXA XL.
“We took the decision to redomesticate XLICSE to Ireland to ensure our clients and brokers benefit from continuity of service through our branch network in Europe. We highly value this branch network, because it enables us to write business in domestic markets as well as providing the infrastructure for our Global Programs business,” Hendrick added.
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