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#Brexit: Insurer XL Group chooses Dublin as preferred location for its EU insurance carrier

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XL Group Ltd, global insurer and reinsurer, today (19 September) announced its plans to move its principal European Union insurance company, XL Insurance Company from the UK to Ireland in 2018 in response to Brexit, subject to regulatory approvals.

The announcement came following a meeting between An Taoiseach (Irish Prime Minister), Leo Varadkar and XL Group’s Chief Executive Officer, Mike McGavick, in Dublin today.

McGavick said:

“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.”

“My meeting today with An Taoiseach Leo Varadkar has only served to further enhance our relationship and our commitment to Ireland. Dublin is a natural home for us in Europe. 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."

XL Group has had insurance operations in Dublin since 1990. In 2006, it established XL Re Europe Limited, today XL Re Europe SE, which remains an Irish domiciled reinsurer. Dublin was also the domicile for XL Group’s parent company between 2010 and 2016 before its new holding company, XL Group Ltd, was formed in Bermuda following XL Group’s acquisition of Bermuda based Catlin Group Limited.

Other insurers are also set to move their European business to within the Eurozone. Lloyds, the UK’s oldest insurer, has already chosen Brussels as its European base.

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Ireland faces significant challenges to its economy from the UK’s decision to leave the EU. Ireland’s corporate tax rate, talented and flexible English speaking work helps attract companies seeking a new ‘European’ base, outside London.

Yesterday, the Taoiseach opened the new EMEA head quarters of LinkedIn, their largest investment outside the United States.

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