A post-Brexit boost for Dublin as it seeks to become a major EU financial hub.
IDA Ireland has welcomed the announcement from XL Group that it has chosen Dublin as its preferred base for its principal EU insurance company, XL Insurance Company SE.
Many companies are looking towards Dublin following June 2016’s Brexit referendum, in the event of British services no longer being permitted to sell their services across the bloc.
Certainty for customers post-Brexit
XL Group CEO Mike McGavick made a statement: “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. Moving XL Insurance Company SE to Ireland means we deliver on that commitment.”
XL Group has had operations in Dublin since 1990, when it opened its first European insurance company in the IFSC. This was followed by the establishment of Irish domiciled reinsurer XL Re Europe Ltd in 2006, now known as XL Re Europe SE.
XL Group welcomed by the Government
An Taoiseach Leo Varadkar, TD, was “delighted” with the announcement, saying: “ XL Group is a welcome addition to Dublin’s thriving financial services sector.
“At a time many countries have lost their confidence and are unsure about their place in the world, Ireland’s firm commitment to being at the heart of Europe, in the euro and being globally engaged, with an open economy and commitment to free trade, makes us an excellent place to invest.”
An Tánaiste and Minister for Business, Enterprise and Innovation Frances Fitzgerald, TD, was equally enthusiastic. She described it as “great news for Ireland” and discussed how the country is becoming a major location for companies all over the world, not just in financial services.
She said: “As we face into the challenges of Brexit, we are determined to pursue and seize new opportunities, and the Government has, therefore, been making strenuous efforts to ensure that we have the right conditions in place in Ireland to attract the key knowledge-based sectors.”
As the effects of Brexit continue to unfold and evolve, more relocation announcements from companies in finance, tech and everything in between look increasingly likely to occur.