Axa XL has received in-principle authorisation from Ireland’s central bank to move its European insurance company there from the UK.

XL Insurance Company will move before March 29, when Britain is to leave the European Union, allowing it to continue working with clients and brokers uninterrupted by Brexit.

Axa XL CEO Greg Hendrick says the company appreciates the business and regulatory environment and expertise available in Ireland, and it has long had a presence there.

The branch network in Europe enables Axa XL to write business for domestic markets and provide infrastructure for the “global programs” operation, he says.

Axa will retain XL Catlin Insurance Company in the UK, and its Lloyd’s operations.