(Re) insurer AXA XL has been officially authorised by the Central Bank of Ireland (CBI) to move its principal EU insurance company to Dublin from the UK, as part of damage mitigation efforts with regards to Brexit.
In September last year, before AXA Group acquired XL Group, the latter company announced that it planned to move its insurance arm to Dublin before 29 March of next year, when the UK is due to leave the EU. With negotiations between the UK and the EU still dragging, even at this late stage, and ‘no deal’ very much on the table as an option, this announcement will no doubt come as a relief to stakeholders.
“We are extremely pleased to have gained approval in principle from the CBI,” commented Greg Hendrick, AXA XL’s CEO. “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 re-domesticate XL Insurance Company 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.”
A wholly owned subsidiary of AXA XL, XL Insurance Company provides insurance products and services throughout Europe and Asia; it will continue as the same legally recognised entity in Ireland.