LISTED GLOBAL insurer XL Capital Ltd is proposing to change its domicile to Ireland from the Cayman Islands, where its parent holding company is currently incorporated.
XL yesterday said it hopes to complete the switch by July 1st.
Based in Bermuda and listed in New York, XL has a market value of $5.9 billion. It operates in 27 countries and has 3,900 staff.
It is the latest global company to move away from traditional offshore locations and redomicile in Ireland.
Willis, a New York-listed international insurance broker, recently completed its incorporation in Ireland.
Commenting on the move, XL’s chief executive, Michael McGavick, said: “Among other benefits, we believe the proposed move will reduce certain risks that may impact us and offer us the opportunity to reinforce our reputation, which is one of our key assets, and to better support our global business platforms.”
The company plans to change its name to XL Group plc, which will be the ultimate holding company for its various businesses. It also proposes to set up a new Irish public limited company.
XL already has a base in Ireland. It set up XL Europe Ltd in 1990 in Dublin, as a launch pad into the European Union.
The latest accounts filed at the companies office here show that the business employs two staff in Ireland and 97 in France.
Its non-life reinsurance gross written premium in Ireland amounted to €18.2 million. Meanwhile, its life reinsurance gross written premiums totalled just more than €1 million.
A separate Dublin-registered company called XL Insurance Company Ltd, show that it had gross written premiums of €69 million in 2008.
It achieved a pre-tax profit of €1.06 million that year.
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