XL Group chose Dublin as 'natural home' for its EU insurance carrier
XL Group has chosen Dublin as the location for its principal EU insurance company in response to Brexit.
The global insurer and reinsurer made the announcement following a meeting between An Taoiseach, Leo Varadkar and XL Group’s Chief Executive Officer, Mike McGavick, in Dublin today.
XL Group opened its first European insurance company in Dublin's International Financial Services Centre (IFSC) in 1990.
Just over a decade ago, the group then established XL Re Europe Limited in 2006, now named XL Re Europe SE, which remains an Irish domiciled reinsurer.
XL Group currently has insurance and reinsurance operations as well as corporate functions based in its Dublin office at St Stephen’s Green.
"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," XL Group CEO Mike McGavick said.
"Moving XL Insurance Company SE to Ireland means we deliver on that commitment."
Mr McGavick said that his meeting today with meeting today with Taoiseach Leo Varadkar "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 Insurance Company SE currently has branches across Europe in France, Germany, Austria, Switzerland, Spain, Italy, Sweden, Ireland and the Netherlands writing insurance business.
Kevin Thompson, chief executive of Insurance Ireland, said that the decision "validates Ireland’s position as an international insurance and reinsurance hub, particularly in the context of Brexit".
"Ireland already has a vibrant and growing insurance sector and it is important to build on this momentum and work to attract further investment to Dublin ahead of our competitor countries," he said.
"While we are all aware of the negatives that are presented to the Irish economy by the Brexit decision, we must welcome the opportunities such as the decision taken today by XL Catlin. Ireland must maintain an open and responsive approach in order to maximise the opportunity over the short term."