Global insurance and reinsurance company XL Group Ltd. has selected Dublin as its new European headquarters and the firm will move its principal European Union (EU) company, XL Insurance Company SE, from the UK to Ireland in 2018 in response to Brexit.
By redomesticating XL Insurance Company SE from the UK to Ireland, XL Group hopes to offer greater continuity in its access to EU markets, something that has been threatened by the Brexit vote.
The company said that the move means its clients and brokers will benefit from continuity of service through its EU branch network, allowing it to underwrite business in domestic markets as well as providing the infrastructure for its Global Programs business.
Mike McGavick, CEO of XL Group, commented on the news; “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.”
McGavick met with the political leader of Ireland, An Taoiseach, Leo Varadkar, today but the move remains subject to certain regulatory approvals.
McGavick 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.”
XL Group has been operating in Dublin, Ireland for many years and even domiciled its parent company there, before moving it to Bermuda in 2016.
XL Insurance Company SE provides the main insurance company platform for XL Group within Europe and Asia, with branches operating in France, Germany, Austria, Switzerland, Spain, Italy, Sweden, Ireland and the Netherlands.
XL Insurance Company SE is a Societas Europaea, meaning it can continue as the same legal entity and move to Ireland more easily (subject to regulatory approvals).
Other companies that have recently opened offices in Dublin in response to the UK’s Brexit vote include, Chaucer, Beazley and Berkshire Hathaway Specialty Insurance.
