Insurance Ireland Welcomes XL Catlin Decision to Relocate UK Subsidiary to Dublin
Issued 19 September, 2017. Insurance Ireland, the representative body for domestic and international insurance sector in Ireland, welcomes the announcement today by global insurance and reinsurance company, XL Catlin, to move its principal European Union (“EU”) insurance company, XL Insurance Company SE (“XLICSE”), from the UK to Dublin.
Speaking about the decision, Kevin Thompson, Chief Executive of Insurance Ireland, said “This validates Ireland’s position as an international insurance and reinsurance hub, particularly in the context of Brexit. Ireland already has a vibrant and growing insurance sector and it is important to build on this momentum and work to attract further investment to Dublin ahead of our competitor countries. While we are all aware of the negatives that are presented to the Irish economy by the Brexit decision, we must welcome the opportunities such as the decision taken today by XL Catlin. Ireland must maintain an open and responsive approach in order to maximise the opportunity over the short term.”
“In a recent submission made to the Seanad Special Select Committee on the UK’s Withdrawal from the European Union,” said Kevin Thompson, “We stated that Brexit must be seen in the context of keeping existing jobs as much as it is about gaining new jobs. Today's decision is a major boost in an international investment environment where the credibility and attractiveness of a location is determined by the companies in the market.
Within Europe, Insurance has developed into a single market for providers and Ireland has benefitted greatly by developing into an international hub which both complements and competes with the UK market. Irish-based entities had gross premium income of €51 billion in 2015 and this underscores the need to maintain the industry’s access arrangements and attractiveness to investors.”
Nuala Buttner, Q4PR, Tel: 01 4751444 / 085 1744275
John Byrne, Insurance Ireland, 087 9383852