Facing Brexit, AXA XL receives approval for European headquarters in Dublin
The move is set to take place by the end of 2018.
XLICSE is a wholly owned subsidiary within the AXA XL division of AXA Group, managing insurance business in Europe and Asia through an international network of branches, subsidiaries, and third-party partners. As a Societas Europaea, XLICSE can conduct its European activity from Ireland without disruption caused by the UK's departure from the single market, ensuring continuity and consistency for customers and shareholders alike.
"We are extremely pleased to have gained principle approval from the CBI," said AXA XL's Chief Executive Officer, Greg HENDRICK, who also added, "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 [t]here."
The list of insurance companies downsizing UK operations in favor of subsidiaries within the EU territory is growing longer and contains SMEs as well as major international enterprises. Among the largest market players are AIG, AIOI NISSAY DOWA, HISCOX, LIBERTY Specialty Markets, and SOMPO, all establishing EU headquarters in Luxembourg; AVIVA and AXA will be based in Dublin, while MARKEL International Ltd. plans to set up a branch in Munich. QBE will set up in Brussels, along with LLOYD's of London, a fixture of the British market since the 17th century, which last May announced its plans to establish a division there.