XL Group has revealed its plans to move its principal EU insurance company, XL Insurance Company, from the UK to Ireland in 2018, in response to Brexit.
The group has had insurance operations in Dublin since 1990, when it opened its first European insurance company. In 2006, it then established XL Re Europe, which remains domiciled in Ireland.
Dublin was also the domicile of choice for the XL Group’s parent company between 2010 and 2016, before it snew holding company, XL Group Ltd, was formed in Bermuda following the group’s acquisition of Bermuda-based Catlin Group Limited.
XL Insurance Company is a wholly owned subsidiary within XL Group and provides the main insurance company platform for XL Group within Europe and Asia, operating through an international network of branches, subsidiaries and third party fronting partners.
Commenting on the move, Mike McGavick, XL Group’s CEO, 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 to Ireland means we deliver on that commitment.”
He continued: “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."
