AXA XL, a subsidiary of AXA Group, has completed the transfer of its European Union (EU) insurance company, XL Insurance Company (XLICSE), from the UK to Dublin, Ireland.
XLICSE is a subsidiary within the AXA XL division of AXA Group offering insurance within Europe and Asia operating via an international network of branches, subsidiaries and third-party partners.
AXA XL CEO Greg Hendrick, said: “The completion of the transfer ensures 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. Today’s successful transfer is a culmination of the extraordinary efforts of my own colleagues and the diligence and expertise of those at the Central Bank of Ireland.”
In the UK, AXA XL will retain XL Catlin Insurance Company UK (XLCICL), which is a UK-regulated insurance company and its Lloyd’s of London operations (Syndicates 2003 and 3002).
Last September, AXA Group completed the acquisition of XL Group, a property & casualty commercial lines insurer and reinsurer, with strong presence across North America, Lloyd’s, Europe, and Asia-Pacific.
As part of the $15.3bn acquisition, AXA stated that it will combine XL Group operations, AXA Corporate Solutions and AXA Art and will operate under the master brand of AXA.
The new company will have XL Group’s insurance business and AXA Corporate Solutions. It will also include XL Art & Lifestyle, the combination of XL Group’s Fine Art and Specie business, and AXA Art offerings.
XL Reinsurance will also include XL Group’s reinsurance business and XL Risk Consulting will include AXA Matrix and XL Group’s Property Risk Engineering GAPS.
AXA XL offers insurance and risk management products and services for mid-sized companies through to large multinationals, and reinsurance solutions to insurance companies globally.
It is a division of AXA Group providing products and services through four business groups: AXA XL Insurance, AXA XL Reinsurance, AXA XL Art & Lifestyle and AXA XL Risk Consulting.