Axa XL has received authorisation from the Central Bank of Ireland to move its European operations from the UK to Ireland ahead of 29 March 2019, when the UK is due to leave the European Union.
Axa XL says this will allow it to continue offering clients and brokers “solutions for business that would otherwise potentially be disrupted” by Brexit.
The entity being transferred, XLICSE, is a Societas Europaea. As such, it can continue as the same legal entity in Ireland. XLICSE is a wholly owned subsidiary within the Axa XL division of Axa Group.
“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,” said Greg Hendrick, Axa XL’s CEO.
“We are extremely pleased to have gained approval in principle from the CBI,” he added. “We have a long and established presence in Ireland and appreciate the quality of business environment, the regulatory environment and the expertise there.”
In the UK, Axa XL retains XLCICL, a UK-regulated insurance company, and its Lloyd’s of London operations (syndicates 2003 and 3002).
Axa agreed to acquire 100% of XL Group for $15.3bn (£11.1bn) in March this year.
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