In September 2017 XL Group announced its plans to move its European insurance carrier XL Insurance Company SE (“XLICSE”) from the UK to Ireland in response to Brexit, subject to regulatory approvals. The Group is also planning to move its main European service company, XL Catlin Services SE (“XLCSSE”), to Ireland as part of its Brexit planning.
XL Group has had insurance operations in Dublin since 1990, when it opened its first European office and in 2006 it established XL Re Europe, which remains an Irish domiciled reinsurance company. Dublin was also the Group’s domicile between 2010 and 2016 before moving to Bermuda following the Group’s acquisition of Catlin Group Holdings which was already based in Bermuda. Today the Group has insurance, reinsurance and corporate functions based in its office at No. 8 St Stephen’s Green, Dublin.
The XL Group was acquired by AXA on September 12, 2018 and is now a division of AXA known as AXA XL.
XLICSE is a significant, wholly owned subsidiary within AXA XL and provides a major insurance platform for AXA XL in Europe and Asia, operating through a network of branches, affiliates and third party fronting partners. It currently has branches across Europe in Austria, France, Germany, Ireland, Italy, Netherlands, Spain, Switzerland, Sweden and in the Asia Pacific region writing insurance business.
Moving XLICSE to Ireland will allow its clients and brokers to benefit from continuity of service through the XLICSE branch network in Europe, which enables it to write business in domestic markets as well as providing the backbone of its Global Programs infrastructure.
In the UK, AXA XL will retain XL Catlin Insurance Company UK Ltd, a UK regulated insurance company, and its Lloyd’s operations (Syndicate 2003 and 3002).
XLCSSE is an intragroup service company, wholly owned within AXA XL. It provides services primarily to companies within the XL Group, including the provision of intermediary services to XLICSE. .XLCSSE operates through its head office in the UK and it has branches in Austria, Belgium, Denmark, France, Germany, Italy, Ireland, Netherlands, Norway, Poland, Spain, Sweden, Singapore, Mexico and Switzerland. Moving XLCSSE to Ireland will enable it to continue servicing its key European intragroup companies.
The relocation of XLICSE is subject to regulatory approvals from the Central Bank of Ireland and completion of the necessary corporate formalities, and is expected to become effective in January 2019.
The relocation of XLCSSE is also subject to the completion of necessary corporate formalities, and XLCSSE has applied to the Central Bank of Ireland for registration as an intermediary. The current expectation is that XLCSSE will complete its relocation to Ireland in March 2019, with its registration as an intermediary subject to the ongoing review by the Central Bank.
Please see below a link to Frequently Asked Questions related to Brexit including but not limited to information on changes to regulatory permissions and what it means for you, general information on the proposal and information related to the Financial Services Compensation Scheme
Please see the link below to an EIOPA discussion paper on Insurance Guarantee Schemes which contains a summary of the various national schemes, dated July 2018.
Please see below a link to the September 2017 Press Release announcing the move of XLICSE to Dublin
Please see below a link to the September 2018 Press Release announcing Authorisation in Principle of the XLICSE move from the CBI