Dublin, 19th September 2017 – An Taoiseach Leo Varadkar and Tánaiste Frances Fitzgerald, along with IDA Ireland today welcomed the announcement by XL Group that it has selected Dublin as its preferred location for its principal European Union (“EU”) insurance company, XL Insurance Company SE (“XLICSE”), subject to certain regulatory approvals, following the UK’s decision to depart from the EU.
XL Group has had insurance operations in Dublin since 1990, when it opened its first European insurance company in the newly opened IFSC. Then in 2006, it established XL Re Europe Limited, today XL Re Europe SE, which remains an Irish domiciled reinsurer.
XL Group has a global workforce of over 7,000 employees and through its subsidiaries and under the XL Catlin brand, is a global insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world.
Following a meeting with XL Group An Taoiseach Leo Varadkar said: “I was delighted to meet XL Group CEO Mike McGavick in Government Buildings, who confirmed that Dublin is their preferred location for their post-Brexit EU insurance carrier. 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. I look forward to more announcements in the weeks and months ahead."
Welcoming the announcement by XL Group, An Tánaiste and Minister for Business, Enterprise and Innovation, Frances Fitzgerald TD said: "This is great news for Ireland as we seek to deepen and expand the range of Financial Services companies who are investing here. Ireland is now a major player and a very attractive location for Financial Services companies from all over the world. We have the skills and structures to support new projects and to welcome new investors. 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. Initiatives like this one today, where XL are expanding its existing activities here, are a vindication of those policies. I look forward to an ongoing mutually beneficial business relationship between XL and Ireland".
Minister of State at the Department of Finance, Michael D’Arcy TD said: “Today’s announcement from XL Group, a leading global insurance company, is a strong endorsement of Ireland as a reliable pro-European destination for business. Ireland has made huge strides in becoming a hub for international financial services business and I look forward to continuing working with our State Agencies in implementing the Government's IFS 2020 Strategy with a view to assisting companies such as XL Group succeed and grow.”
Commenting on the announcement CEO of IDA Ireland Martin Shanahan said: “It is terrific news that XL Group has chosen Dublin as the location for its European Insurance carrier. The company has had insurance operations in Dublin for the past 17 years.”
“It has been encouraging to see so many high profile banks and insurance firms publically endorse Ireland as their destination of choice. Post Brexit, nurturing talent, delivering a pro-business ethos and maintaining a consistent track record, must be the priorities if we are to continue to grow the economy at the current rate and remain competitive. I wish Mike and his team every success with this new entity here.”
XL Group Ltd (NYSE: XL), through its subsidiaries and under the XL Catlin brand, is a global insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. Clients look to XL Catlin for answers to their most complex risks and to help move their world forward. To learn more, visit www.xlgroup.com.
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