XL Group has announced plans to move its EU insurance company to Dublin from the UK in order to deal with the repercussions of Brexit. It becomes the latest in a long line of insurers setting up in the EU to allow customers continued access to its goods and services.
Subject to regulatory approval, the group’s principal EU insurance company, XL Insurance Company SE, will relocate to Ireland next year. As a Societas Europaea, XL Insurance Company SE can continue as the same legal entity and move to Ireland with relative ease.
“Redomesticating XL Insurance Company SE to Ireland will allow XL Group’s clients and brokers to benefit from continuity of service through its branch network in Europe, which enables it to write business in domestic markets as well as providing the infrastructure for its global programmes business,” said XL.
XL Group will retain Catlin Insurance Company Ltd and its Lloyd’s operations in the UK. The group believes that through its UK and Irish operations it will be well positioned to work with risk managers and brokers to deliver solutions that could “otherwise potentially be disrupted by a loss of passporting rights as a result of the UK leaving the European Union”.
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 SE to Ireland means we deliver on that commitment.
“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,” he added.
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