AXA XL obtains authorisation to move European business to Ireland
XA XL today announced that it has received authorisation in principle from the Central Bank of Ireland (“CBI”) to move AXA XL’s European Union (“EU”) insurance company, XL Insurance Company SE (“XLICSE”), from the UK to Ireland in advance of March 29 2019 when the UK is due to leave the EU. This will ensure 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.
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.
Commenting on the announcement, AXA XL’s Chief Executive Officer, Greg Hendrick, said: “We are extremely pleased to have gained approval in principle from the CBI. We have a long and established presence in Ireland and appreciate the quality of business environment, the regulatory environment and the expertise there.
“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. 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.”
In the UK, AXA XL retains XL Catlin Insurance Company UK Limited (XLCICL), a UK-regulated insurance company, and its Lloyd’s of London operations (Syndicates 2003 and 3002).
AXA XL, the new division of AXA Group, combines XL Group operations, AXA Corporate Solutions and AXA Art, to provide property, casualty and specialty risk insurance and risk management products and services for mid-sized companies through to multinationals, and reinsurance solutions to insurance companies globally. We partner with those who move the world forward.
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