AXA’s international risk and reinsurance operations will move from the UK to Ireland ahead of Brexit. AXA chief executive Thomas Buberl reportedly told press that its Irish subsidiary will underwrite European large risks and reinsurance.
Staff from London, where the business is currently written, and France will be moved to the Irish subsidiary to comply with regulatory requirements. “Since the former hub is in France, we will have to take some jobs from France as Irish regulators will ask functions to be handled there,” Mr Buberl said.
He said that XL, which AXA acquired in September last year, had already begun moving staff to Ireland and in October 2018 AXA XL received regulatory approval to relocate XL Insurance Company from the UK to Ireland.
AXA’s London team will continue to underwrite UK business.
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