XL insurance giant announces Dublin is to be its post-Brexit base
A GLOBAL insurance giant has picked Dublin as its new post-Brexit base.
XL Group, which has had a base in the Irish capital since 1990 and employs 7,000 people around the world, confirmed the decision in a meeting with the Republic's government.
And Taoiseach Leo Varadkar predicted more announcements would follow.
"XL Group is a welcome addition to Dublin's thriving financial services sector," he said.
"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."
XL Group, through its subsidiaries and under the XL Catlin brand, is a global insurance and reinsurance company providing property, casualty and speciality products to industrial, commercial and professional firms, insurance companies and other enterprises.
It has picked Dublin as its preferred location for its principal European Union business XL Insurance Company SE.
The announcement follows a number of big players in the city revealing post-Brexit plans for Frankfurt and Dublin.
Bank of America chose Dublin as the base for its main European legal entities once Brexit kicks in.
Citigroup has opted for the German financial centre for broker-dealer entity, while banks including Standard Chartered, Japan's Daiwa and Sumitomo Mitsui Financial Group (SMFG), as well as South Korea's Woori Bank, have all confirmed plans for subsidiaries in Frankfurt.
Others including JP Morgan have indicated plans for a pan-European strategy, with proposals to spread staff across sites including Dublin, Luxembourg and Frankfurt.
The Press Association understands that Morgan Stanley has also chosen Frankfurt as the site of its post-Brexit hub.