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XL Catlin to move EU insurance operations to Ireland in response to Brexit

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XL Catlin to move EU insurance operations to Ireland in response to Brexit

XL Group Ltd. on Tuesday said it will move XL Insurance Co. S.E., its principal European Union insurer, to Ireland from the United Kingdom in 2018 in response to Brexit.

XL Insurance Co. is a wholly owned subsidiary within XL Group, which does business as XL Catlin, and provides the main insurer platform for the company within Europe and Asia, with branches in France, Germany, Austria, Switzerland, Spain, Italy, Sweden, Ireland and the Netherlands, the statement said.

Redomesticating XL Insurance to Ireland, which is subject to regulatory approvals, will allow policyholders and brokers to benefit from continuity of service through its branch network in Europe, which enables it to write business in domestic markets as well as providing the infrastructure for its Global Programs business, according to the statement.

In the U.K., XL Catlin will retain Catlin Insurance Co. Ltd., a U.K.-regulated insurer, and its Lloyd’s of London syndicates 2003 and 3002, the statement said.

Dublin was the domicile for XL Group’s parent company between 2010 and 2016 prior to the formation of XL Catlin in Bermuda following XL Group P.L.C.’s acquisition of Bermuda-based Catlin Group Ltd.

XL Catlin now has insurance and reinsurance operations as well as corporate functions based in its office at No. 8 St. Stephen’s Green, Dublin, and has had insurance operations in Dublin since 1990, the statement said. In 2006, it established XL Re Europe Ltd., today XL Re Europe SE, which remains an Irish domiciled reinsurer.

“Since the referendum announcement, we have been clear that our top priority is to provide certainty and consistency of service to our clients and brokers. Moving XL Insurance Company SE to Ireland means we deliver on that commitment,” CEO Mike McGavick said in the statement. “We have a long and established presence in Ireland, and we understand and respect the high-quality business environment, the regulatory environment and the talent of the people here."

 

 

 

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