Press Release 17 Oct 2018

Dublin, 17th October 2018 - IDA Ireland welcomes the announcement by AXA XL that it has obtained authorisation in principle to move XL Insurance Company SE to Ireland from the UK in advance of March 29 2019 when the UK is due to leave the EU. 

This move will ensure that XLICSE can continue to work with clients and brokers to offer solutions for business that would otherwise potentially be disrupted by the UK leaving the EU.

Minister for Business, Enterprise & Innovation, Heather Humphreys TD welcomed the announcement, “Ireland is now a major player and a very attractive location for International Financial Services companies like AXA XL to expand and grow their operations. Ireland remains a committed member of the EU, benefitting from the many advantages that EU membership brings. I look forward to our mutually beneficial relationship continuing to develop in the years ahead.”

Minister for Financial Services and Insurance, Michael D’Arcy TD said, “I welcome the approval in principle by the Central Bank for AXA XL. The decision to expand XL Insurance Company SE (“XLICSE”), illustrates our strong talent pool, and attractiveness for international financial services companies.”

Commenting on the announcement Martin Shanahan, CEO, IDA Ireland said  “Ireland has the right mix of regulation, skills, and expertise to make it a very logical place for financial services companies to locate. More than 40 companies have announced their intention to set up or expand in Ireland as a result of Brexit in order to service their clients. Ireland remains stable and consistent in policy terms, which is a major advantage when it comes to attracting FDI investment. This is another vote of confidence in Ireland and its expanding international financial services sector.”

 

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