Central Bank gives approval in principle to XL Insurance UK-Ireland move ahead of Brexit
AXA XL has received authorisation in principle from the Central Bank of Ireland to move its European Union insurance company, XL Insurance, from the UK to Ireland ahead of Brexit.
According to the group, this will ensure that XL Insurance (XLICSE) can continue to work with clients and brokers to offer solutions for business that would otherwise potentially be disrupted next March.
XL Insurance is a wholly owned subsidiary within the AXA XL division of AXA Group.
AXA XL’s chief Greg Hendrick, said: "We have a long and established presence in Ireland and appreciate the quality of business environment, the regulatory environment and the expertise there.
"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."
In the UK, AXA XL retains XL Catlin Insurance Company UK Limited (XLCICL), a UK-regulated insurance company, and its Lloyd’s of London operations.
Minister for Business, Enterprise & Innovation, Heather Humphreys TD said that Ireland is now a major player and "a very attractive location for International Financial Services companies like AXA XL to expand and grow their operations".
"Ireland remains a committed member of the EU, benefitting from the many advantages that EU membership brings. I look forward to our mutually beneficial relationship continuing to develop in the years ahead," she said.