AXA XL today announced that it has received authorisation in principle from the Central Bank of Ireland (“CBI”) to move AXA XL’s European Union (“EU”) insurance company, XL Insurance Company SE (“XLICSE”), from the UK to Ireland in advance of March 29 2019 when the UK is due to leave the EU. This 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.
XLICSE is a wholly owned subsidiary within the AXA XL division of AXA Group providing insurance within Europe and Asia and operating through an international network of branches, subsidiaries and third-party partners. As a Societas Europaea, XLICSE can continue as the same legal entity in Ireland.
Commenting on the announcement, AXA XL’s Chief Executive Officer, Greg Hendrick, said: “We are extremely pleased to have gained approval in principle from the CBI. 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 redomesticate 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 Programs business.”
In the UK, AXA XL retains XL Catlin Insurance Company UK Limited (XLCICL), a UK-regulated insurance company, and its Lloyd’s of London operations (Syndicates 2003 and 3002).
ABOUT AXA XL
AXA XL  provides insurance and risk management products and services for mid-sized companies through to large multinationals, and reinsurance solutions to insurance companies globally. We partner with those who move the world forward. To learn more, visit www.axaxl.com
ABOUT AXA XL  INSURANCE
AXA XL  Insurance offers property, casualty, professional, financial lines and specialty insurance solutions to mid-sized companies through to large multinationals globally. We partner with those who move the world forward. To learn more, visit www.axaxl.com
 AXA XL is a division of AXA Group providing products and services through four business groups: AXA XL Insurance, AXA XL Reinsurance, AXA XL Art & Lifestyle and AXA XL Risk Consulting. The integration project related to the activities of AXA Corporate Solutions, AXA Matrix, AXA Art and XL Catlin will be subject to legal and social validations prior to its implementation