AXA XL has taken a step closer to moving its European Union insurance company, XL Insurance Company SE (XLICSE), from the UK to Ireland with the news that it has received authorisation in principle from the Central Bank of Ireland.
The purpose of the move is to ensure continuity following the UK’s exit from the EU in March 2019.
“We are extremely pleased to have gained approval in principle from the CBI,” said AXA XL’s Chief Executive Officer, Greg Hendrick.
“We have a long and established presence in Ireland and appreciate the quality of business environment, the regulatory environment and the expertise there.”
XLICSE is a wholly owned subsidiary within the AXA XL division of AXA Group providing insurance within Europe and Asia and operating through an international network of branches, subsidiaries and third-party partners.
As a Societas Europaea, XLICSE can continue as the same legal entity in Ireland.
“We took the decision to redomesticate XLICSE to Ireland to ensure our clients and brokers benefit from continuity of service through our branch network in Europe,” added Hendrick.
“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.”