Economy

XL Group chose Dublin as 'natural home' for its European Union insurance carrier

XL Group chose Dublin as 'natural home' for its European Union insurance carrier”

XL Group now has insurance and reinsurance operations as well as corporate functions based in its Dublin office at St Stephen's Green.

Global insurance and reinsurance company XL Group Ltd. has selected Dublin as its new European headquarters and the firm will move its principal European Union (EU) company, XL Insurance Company SE, from the United Kingdom to Ireland in 2018 in response to Brexit. Today XL Group has insurance and reinsurance operations as well as corporate functions based in its office in Dublin.

The company has 7,000 workers globally and under the XL Catlin brand provides property, casualty and speciality products to industrial, commercial and professional firms, insurance companies and other enterprises.

The site, which will act as the European, Middle East and Africa (EMEA) headquarters, is the first that the company has built outside the US.

McGavick met with the political leader of Ireland, An Taoiseach, Leo Varadkar, today but the move remains subject to certain regulatory approvals.

XL Insurance Company is a wholly owned subsidiary within XL Group and provides the main insurance company platform for XL Group within Europe and Asia, operating through an global network of branches, subsidiaries and third party fronting partners. "Moving XL Insurance Company SE to Ireland means we deliver on that commitment", XL Chief Executive Officer Mike McGavick said in a statement on Tuesday.

Two weeks ago U.S. insurer Chubb announced it was planning to put its European Union headquarters in the French capital if the United Kingdom quit Europe; AIG, another American company, said in March it would set up a subsidiary in Luxembourg.

"I look forward to more announcements in the weeks and months ahead", he added.

Dublin, which is seeking to become a major European Union financial centre, has already attracted several insurers planning European Union subsidiaries in the event that British financial firms can no longer sell their services across the bloc.

"We have the skills and structures to support new projects and to welcome new investors. As we face into the challenges of Brexit, we are determined to pursue and seize new opportunities", she added.



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