AXA is reportedly planning to move its international risk and reinsurance operations from the UK to Ireland in preparation for the UK’s departure from the European Union (EU) in March 2019, according to Reuters.
The publication claimed that a subsidiary in Dublin will handle AXA’s large European risks and reinsurance, while its team in London will continue to deal with the companies UK businesses.
Thomas Buberl, Chief Executive Officer (CEO) at AXA, explained that the company’s XL division had already initiated plans to move staff to Ireland before it was acquired by AXA last year.
“It will be mostly people taking the way U.K.-Ireland,” Reuters quoted Buberl as saying.
AXA will also be required to move some of its Paris-based jobs to Dublin to satisfy Irish regulators, although the insurer did not reveal how many staff would be relocated in the move.
“Since the former hub is in France, we will have to take some jobs from France as Irish regulators will ask functions to be handled there,” Buberl continued.
In October, AXA XL announced that it had received authorisation from the Central Bank of Ireland to move its EU insurance company, XL Insurance Company SE, from the UK to Ireland.
Many insurance and reinsurance firms have elected to relocate their UK-based operations in recent months to ensure continuity of service for their European customers after Brexit.
Dublin has emerged as a popular choice for re/insurers alongside other EU financial hubs such as Brussels, Paris and Frankfurt.