XL Group expects to complete the relocation of its registered office from Ireland to Bermuda in the third quarter, after shareholders approved the move.

The change in incorporation of the parent holding company, known as redomestication, remains subject to approval from regulators and the High Court of Ireland.

A court hearing has been set for July 20 to sanction the scheme of arrangement.

CEO Michael McGavick says the relocation will bring long-term benefits in light of the New York-listed group’s £2.7 billion ($4.8 billion) cash-and-share merger with Catlin last year.

“We are pleased our shareholders are supportive of our plan to set up our corporate home in Bermuda,” he said.

“Given, in particular, our long-standing and substantial operations in Bermuda that have been bolstered by the Catlin Group acquisition… we believe a change in the country of domicile of our parent company to Bermuda will be advantageous to the company and its shareholders.”