Insurer Axa is moving staff to Ireland in the light of the UK’s impending exit from the EU.
Chief executive of the French insurer Thomas Buberl told reporters today that Axa’s recently acquired XL unit had already made plans to move staff to Ireland from the UK before its takeover by Axa last year.
Buberl said most of the jobs would move from the UK to Ireland but said there would be some jobs moved from France as well.
“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,” he said although he did not confirm how many roles would be affected.
Axa will handle European large risks and reinsurance from Dublin, while continuing to handle its UK business from London.
On Monday life insurer Royal London announced the opening of a new subsidiary in Ireland which it said would enable it to compete for new life insurance business in Ireland and to administer existing Irish and German policies that were bought by consumers from outside the UK which may be affected by Brexit.
Dublin has been competing with other European cities such as Paris and Frankfurt to attract financial services jobs away from the UK with Brexit looming.
Lloyd’s of London has launched a subsidiary in Brussels to ensure it can continue to serve EU customers post-Brexit.