XL Group has revealed its plan to shift its principal European Union (EU) insurance company, XL Insurance Company, from the UK to Ireland in 2018 in response to Brexit.
The looming Brexit fallout is driving financial companies to scout for safe base from where they can easily access the EU market.
With the announcement, XL Group has joined the fray of insurers such as UnipolRe, Royal London, Tokio Marine Group and Chubb, who have devised plans to relocate their operations post- Brexit.
The announcement comes after a meeting between An Taoiseach, Leo Varadkar and XL Group’s CEO, Mike McGavick, in Dublin recently.
Since 1990, XL Group has managed insurance operations in Dublin, when it opened its first European insurance company. Subsequently, the company formed XL Re Europe Limited in 2006, currently known as XL Re Europe SE, which remains an Irish domiciled reinsurer.
Re-domesticating XL Insurance Company SE to Ireland will enable the insurer clients and brokers to benefit from continuity of service through its branch network in Europe.
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Upon relocation to Dublin, XL Group will retain Catlin Insurance Company (CICL UK) in the UK, and its Lloyd’s operations (Syndicate 2003 and 3002).
Mike McGavick said: “Since the referendum announcement we have been clear that our top priority is to provide certainty and consistency of service to our clients and brokers. Moving XL Insurance Company SE to Ireland means we deliver on that commitment.
“My meeting today with An Taoiseach Leo Varadkar has only served to further enhance our relationship and our commitment to Ireland. Dublin is a natural home for us in Europe.
“We have a long and established presence in Ireland and we understand and respect the high quality business environment, the regulatory environment and the talent of the people here.”