Axa XL, a wholly owned subsidiary within the AXA XL division of AXA Group. has received authorisation in principle from the Central Bank of Ireland (CBI) to move its European Union insurance company, XL Insurance Company SE(XLICSE), from the UK to Ireland ahead of Brexit.
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.
It provides insurance within Europe and Asia, operating through an international network of branches, subsidiaries, and third-party partners.
“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.”
The group stated that the move 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 next March.
Meanwhile AXA XL retains XL Catlin Insurance Company UK Limited, as well as its Lloyd’s of London operations, in the UK.
Lloyd’s of London is on target to commence operations at its new Brussels-based unit in January of next year. Lloyd’s is one of the financial institutions that has been the most vocal about the necessity for a European Union-based subsidiary, should post-Brexit Britain lose access to the single market;
AIG and Allianz are among the entities ignoring the supposed reassurance of the grace period agreed between Britain and the European Union (EU) earlier this year.