AXA XL Transfers XL Insurance from UK to Dublin as Post-Brexit HQ
AXA XL has completed the transfer of its European Union insurance company, XL Insurance Co. SE (XLICSE), from the UK to Dublin, Ireland.
XLICSE is a wholly owned subsidiary within the AXA XL division of AXA Group, providing insurance within Europe and Asia, operating through an international network of branches, subsidiaries and third-party partners, said AXA XL in a statement.
XL Group decided in September 2017 — a year before AXA’s acquisition of XL Group was completed — to move its European insurance company headquarters from the United Kingdom to prepare for the UK’s exit the European Union.
Commenting on the announcement, AXA XL’s Chief Executive Officer Greg Hendrick, said: “The completion of the transfer ensures that XLICSE can continue to work with clients and brokers to offer solutions for business that would otherwise potentially be disrupted by the UK leaving the EU. Today’s successful transfer is a culmination of the extraordinary efforts of my own colleagues and the diligence and expertise of those at the Central Bank of Ireland.”
In the UK, AXA XL retains XL Catlin Insurance Co. UK Ltd., a UK-regulated insurance company, and its Lloyd’s of London operations (Syndicates 2003 and 3002).