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XL Catlin completes domicile move

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XL Catlin said Monday that it had completed the location of its incorporation to Bermuda from Ireland.

The company announced the plan in February, stating that the move reflects the greater concentration of Bermuda-based operations in its balance sheet since XL's acquisition of Catlin Group Ltd. last year and Bermuda being recognized last November as having full regulatory equivalence under the European Union's Solvency II regulatory regime.

To effect the move, a new Bermuda exempt company, XL Group Ltd., will replace XL Group P.L.C. as the ultimate holding company for XL Catlin, the insurer and reinsurer said at the time.

The move went against the trend of the past 10 years where several insurers and reinsurers with major operations in Bermuda have redomesticated to domiciles in Europe.