Global insurer and reinsurer XL Group is planning to move its principal European Union business, XL Insurance Company SE, from the UK to Ireland in response to the Brexit vote.

In the UK, XL Group will retain its UK regulated business Catlin Insurance Company, and its Lloyd’s operations. The move will allow the company to offer its services within both the UK and the EU.

Commenting on the move, CEO Mike McGavick says: “Since the referendum announcement we have been clear that our top priority is to provide certainty and consistency of service to our clients and brokers. Moving XL Insurance Company SE to Ireland means we deliver on that.”

The move will take place in 2018 and subject to certain regulatory approvals.

XL Group has had insurance operations in Dublin since 1990, when it opened its first European insurance company. Later in 2006, it established XL Re Europe Limited, today XL Re Europe SE, which remains an Irish domiciled reinsurer.

Dublin was also the domicile for XL Group’s parent company between 2010 and 2016 before its new holding company, XL Group Ltd, was formed in Bermuda following its acquisition of Bermuda based Catlin Group Limited.