AXA XL has completed the transfer of its wholly owned subsidiary, XL Insurance Company SE (XLICSE), to Dublin, Ireland ahead of the UK’s planned departure from the European Union (EU).
The insurer previously announced in October 2018 that it had received authorisation from the Central Bank of Ireland to go ahead with the move.
Formerly based in the UK, XLICSE provides insurance within Europe and Asia, operating through an international network of branches, subsidiaries and third-party partners.
Relocating the unit to Ireland will allow AXA XL to ensure continuity of service to its EU clients and brokers, regardless of the outcome of ongoing Brexit negotiations.
Following the move, AXA XL will retain a presence in the UK through XL Catlin Insurance Company UK Limited 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 Greg Hendrick, Chief Executive Officer (CEO) at AXA XL.
“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,” he added.
AXA CEO Thomas Buberl revealed last week that the company was preparing to move its international risk and reinsurance operations from the UK to Ireland in preparation for Brexit.
The relocation will also require AXA to move some of its Paris-based jobs to satisfy Irish regulators, the AXA boss explained.
