AXA XL is the latest insurer to move offices from the UK in preparation for Brexit
AXA XL has received authorisation to move its EU business from the UK to Ireland in preparation for Brexit.
XL Insurance Company SE (XLICSE) has been granted permission to make the move by the Central Bank of Ireland (CBI) in advance of the UK’s exit on 29 March 2019.
The insurer says it will minimise disruption in its dealings with brokers and clients.
AXA XL chief executive 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) and its Lloyd’s operations (Syndicates 2003 and 3002).