Axa, French multinational insurance firm, is relocating its employees to Ireland in the light of the impending exit of the United Kingdom from the European Union.
Today, Thomas Buberl, the chief executive of the French insurer, informed reporters that the recently acquired XL unit of Axa had already made some plans to move employees to Ireland from the United Kingdom before its takeover by Axa in 2018.
Buberl said that the majority of the jobs would move from the United Kingdom to Ireland, however, he said that there would be some jobs that would be relocated from France as well.
Even though he did not confirm the number of roles that would be affected, he stated: “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.”
Axa will be handling European large risks and reinsurance from Dublin, while continuing to handle its business in the United Kingdom from London.
Last Monday, Royal London, a life insurer, announced the opening of a new subsidiary that will be located in Ireland which it said would enable the company to compete for new life insurance business in Ireland and to administer existing German and Irish policies that were bought by the consumers from outside the United Kingdom which may be affected by Brexit.
Dublin has been competing with other cities in Europe such as Frankfurt and Paris to attract financial services jobs away from the United Kingdom with Brexit looming.
Lloyd’s of London has launched a subsidiary that is located in Brussels to make sure that it can continue to serve its customers in the European Union after Brexit.