As part of the UK's withdrawal from the European Union, Axa has announced the transfer of part of its international risk and reinsurance, currently managed in France and Great Britain, to Ireland.
AXA's subsidiary, XL Group, planned the management of part of its business in Ireland before the finalisation of its acquisition by the French insurer. The Central Bank of Ireland's authorization was granted to XL Insurance Company SE in October 2018.
According to Thomas Buberl, CEO of Axa, the French group "will have to take some jobs from France as Irish regulators will ask functions to be handled there,”
This transfer of activity will allow the French insurer to continue to work and develop solutions with its customers after the brexit scheduled for 29 March 2019.
The London operations will continue to be managed by XL Catlin Insurance Company UK Limited (XLCICL). The insurer also maintains its activities in Lloyd's of London through trade unions 2003 and 3002.