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XL business leaves UK as Brexit looms

XL Group has announced plans to relocate XL Insurance Company SE from the UK to Dublin next year in response to Brexit, but its Catlin subsidiary will remain in London.

The insurer says the move will ensure brokers and clients benefit from “continuity of service” from its European branch network.

The group has operated in Dublin since 1990, and in 2006 established XL Re Europe Ltd, currently XL Re Europe SE.

Dublin was also the domicile for XL Group’s parent between 2010 and last year, before its new holding company, XL Group Ltd, was formed in Bermuda after the acquisition of Bermuda-based Catlin Group.

XL Group has insurance and reinsurance operations and corporate functions based in Dublin.

The group’s Catlin Insurance Company Ltd (CICL) will remain in the UK, along with its Lloyd’s operations (Syndicate 2003 and 3002).

It says the combination of being able to issue cover in both the UK and Europe will ensure XL Group avoids disruption through the potential loss of passporting rights due to Brexit.

CEO Mike McGavick says relocating to Ireland will provide certainty and consistency of service to clients and brokers.

“Dublin is a natural home for us in Europe,” he said. “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.”

The move is subject to regulatory approval.