AXA XL has concluded the transfer of its wholly-owned subsidiary, XL Insurance Company SE (XLICSE), to Dublin, Ireland from the UK, as part of its Brexit preparation plan.
XLICSE will operate as a wholly-owned subsidiary within the AXA XL division of AXA Group.
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Operating through a global network of branches, subsidiaries and third-party partners, the Ireland-based firm will offer insurance products within Europe and Asia.
AXA XL CEO 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.”
Once, the UK leaves the European Union, AXA will manage its overseas risk and reinsurance through its Irish subsidiary.
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By GlobalDataIn the UK, AXA XL retains XL Catlin Insurance Company UK, a UK-regulated insurance company, and its Lloyd’s of London operations (Syndicates 2003 and 3002).
Recently, AXA unveiled plans to transfer some of its employees from the UK and France to its new base in Ireland.
AXA XL Insurance provides professional, property & casualty, financial lines and specialty insurance solutions to mid-sized companies across the globe.
