The following entities of the AXA XL Division had already taken the actions below to provide continuity of service now that the UK has officially left the European Union and the Brexit transition period has ended (December 31, 2020).
XL Insurance Company SE (“XLICSE”), AXA XL’s principal European insurance carrier re-domesticated from the UK to Ireland on January 18, 2019.
Moving XLICSE to be an Irish authorised insurer allows its clients and brokers to benefit from continuity of service through the XLICSE branch network in the EEA, which enables it to write business in domestic markets as well as providing the backbone of its Global Programs infrastructure.
XL Catlin Services SE, (“XLCSSE”) AXA XL’s European service company also moved from the UK to Ireland on October 25, 2019 as an Irish authorised insurance intermediary.
Lloyd's Part VII Transfer
Lloyd’s has transferred certain EEA insurance policies to Lloyd’s Brussels by way of a Part VII transfer. The transfer does not change the terms and conditions of any policy, except that Lloyd’s Brussels will become the insurer and Data Controller in respect of the transferred policies.
Further information about this including which policies are transferring, your rights and what you need to do can be found at lloyds.com/brexittransfer.
Deed Poll Solution
For the EEA insurance policies of our UK carrier, XL Catlin Insurance Company UK Ltd (“XLCICL”), a different solution has been implemented. XLICSE will offer coverage to any existing insureds of XLCICL where XLCICL determines that it is no longer legally permissible for it to continue to adjust or pay EU claims. This is done by way of a Deed Poll which is a legal document which is an offer to provide insurance to a specific group and can be adopted by any party in that group. The Deed Poll, once adopted by the insureds, will allow XLICSE to pay any claims and deal with any premium transactions which XLCICL cannot do. Most EEA regulators have allowed an orderly run off of EEA insurance policies so the Deed Poll is likely only to be needed in a small number of cases. Certain of these EEA regulators have required notification to EEA policyholders takes place and this is being undertaken. The Italian regulator requires the following notice to be on our website:
Following the exit of the United Kingdom from the European Union and the expiry of the relevant transition period, XL Catlin Insurance Company UK Ltd, 20 Gracechurch St, London EC3V 0BG (the “Carrier”) is no longer licensed, as from 1 January 2021, to extend or renew your insurance contract. Under local supervisory rules, the Carrier will carry out services in the Italian Republic solely on a temporary basis, only with the aim to execute existing contracts.
A seguito dell’uscita del Regno Unito dall’Unione Europea e della scadenza del relativo periodo di transizione, XL Catlin Insurance Company UK Ltd, con sede in 20 Gracechurch St, Londra EC3V 0BG (la “Compagnia”) non è più abilitata, a partire dal 1° gennaio 2021, a prorogare o rinnovare contratti assicurativi. In base alle norme di vigilanza locali, la Compagnia presterà servizi assicurativi nella Repubblica Italiana solo in via temporanea, al fine esclusivo di gestire i contratti e le coperture in corso.
The XL Group has had insurance operations in Dublin since 1990, when it opened its first European office and in 2006 it established XL Re Europe, which remains an Irish domiciled reinsurance company. Dublin was also the Group’s domicile between 2010 and 2016 before moving to Bermuda following the Group’s acquisition of Catlin Group Holdings which was already based in Bermuda. Today the AXA XL Division has insurance, reinsurance and corporate functions based in its office at No. 8 St Stephen’s Green, Dublin.
The XL Group was acquired by AXA on September 12, 2018 and is now a division of AXA known as AXA XL.
XLICSE is a significant, wholly owned subsidiary within AXA XL and provides a major insurance platform for AXA XL in Europe and Asia, operating through a network of branches, affiliates and third party fronting partners. It currently has branches across Europe in Austria, France, Germany, Ireland, Italy, Netherlands, Spain, Switzerland, Sweden and in the Asia Pacific region writing insurance business.
In the UK, AXA XL will retain XL Catlin Insurance Company UK Ltd, a UK regulated insurance company, and its Lloyd’s operations (Syndicate 2003 and 3002).
XLCSSE is an intragroup service company, wholly owned within AXA XL. It provides services primarily to companies within AXA XL, including the provision of intermediary services to XLICSE. XLCSSE operates through its head office in Ireland and it has branches in Austria, Belgium, Denmark, France, Germany, Italy, Netherlands, Norway, Poland, Spain, Sweden, Singapore, the UK, Mexico and Switzerland. Moving XLCSSE to Ireland has enabled it to continue servicing its key European intragroup companies.