While the UK is busy ironing out differences with the European Union over a Brexit deal, AXA XL is making itself ready – and preparations are moving along, with the major insurer securing in-principle authorization for the transfer of its EU unit.
Announcing the latest move in its Brexit plan, AXA XL said the Central Bank of Ireland (CBI) has approved, in principle, XL Insurance Company SE’s (XLICSE) move from the UK ahead of next year’s March 29 departure. As a Societas Europaea, XLICSE can also continue as the same legal entity in Ireland.
“We are extremely pleased to have gained approval in principle from the CBI,” commented AXA XL chief executive Greg Hendrick. “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 re-domesticate 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 Programmes business.”
XLICSE is a wholly owned subsidiary within the AXA XL division of AXA Group. It provides insurance within Europe and Asia, operating through an international network of branches, subsidiaries, and third-party partners.
Meanwhile AXA XL retains XL Catlin Insurance Company UK Limited, as well as its Lloyd’s of London operations, in the UK.