Global insurer and reinsurer, XL Group is planning to move its main European Union insurance operation from the London to Dublin in 2018 in response to Brexit, subject to certain regulatory approvals.
The announcement was made following a meeting between Ireland’s An Taoiseach (Prime minister), Leo Varadkar and XL Group’s Chief Executive Officer, Mike McGavick. This move reportedly comes to avoid any potential disruption by any loss of passporting rights as a result of the UK leaving the European Union.
Commenting on the move McGavick 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 SE to Ireland means we deliver on that commitment.
“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 had insurance operations in Dublin since 1990, when it opened its first European insurance company in the then brand new International Financial Services Centre. Later in 2006, it established XL Re Europe Limited, today XL Re Europe SE, which remains an Irish domiciled reinsurer.
Dublin was also the domicile for XL Group’s parent company between 2010 and 2016 before its new holding company, XL Group Ltd, was formed in Bermuda following XL Group’s acquisition of Bermuda based Catlin Group Limited. Today XL Group has insurance and reinsurance operations as well as corporate functions based in its office at No. 8 St. Stephen’s Green, Dublin.
In the UK, XL Group will retain Catlin Insurance Company Ltd (“CICL UK”), a UK regulated insurance company, and its Lloyd’s operations, Syndicate 2003 and 3002.