XL Capital has joined a flight of insurers from Bermuda seeking safer pastures on the European continent.

Currently listed in Bermuda, XL Capital has announced its intention to relocate to Ireland by July this year. Broker Willis said in September it’s moving to Ireland. Ace Insurance has moved its operations to Zurich, Switzerland from its former headquarters in the Cayman Islands.

Bermuda, the self-styled insurance capital of the world, and the Cayman Islands are seeing their status as financial centres tremble under US President Barack Obama’s crackdown on offshore tax havens.

Conversely, Ireland and Switzerland appear to be benefiting as corporations seek stable European economies with low tax rates.