XL Group to move EU insurance wing to Dublin from UK
Insurance giant XL Group is to boost its staff here by around 25 after it announced it was switching its principal EU insurance company from the UK to Ireland as a result of Brexit.
CEO Mike McGavick revealed the move yesterday after a meeting with Taoiseach Leo Varadkar.
XL has been in Ireland since 1990 and currently employs about 45 in Dublin. It employs 1,200 in the UK.
A spokeswoman told the Irish Independent that number is expected to increase to 70 or more by the end of next year, and then grow further as the business develops. She said the extra 25 staff will be new employees.
Mr McGavick said switching XL Insurance Company to Ireland will bring certainty and consistency of service to its clients and brokers.
"My meeting with An Taoiseach Leo Varadkar has only served to further enhance our relationship and our commitment to Ireland," Mr McGavick said.
"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."
Lobby group Insurance Ireland said the move "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.
"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.
"Ireland must maintain an open and responsive approach in order to maximise the opportunity over the short term."
Last year XL shifted its incorporation to Bermuda from Ireland, after European regulators made it easier for internationally-based insurers to do business from outside the EU.