AXA XL ready for Brexit as it completes move to Ireland
Re/insurer AXA XL has completed the transfer of its European Union insurance company, XL Insurance Company (XLICSE), from the UK to Dublin, Ireland 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.
In the UK, AXA XL retains XL Catlin Insurance Company UK (XLCICL), a UK-regulated insurance company, and its Lloyd’s of London operations (Syndicates 2003 and 3002).
“The completion of the transfer ensures that XLICSE can continue to work with clients and brokers to offer solutions for business that would otherwise potentially be disrupted by the UK leaving the EU," said AXA XL’s CEO Greg Hendrick. "Today’s successful transfer is a culmination of the extraordinary efforts of my own colleagues and the diligence and expertise of those at the Central Bank of Ireland.”
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