French insurance major AXA is planning to transfer some of its employees from the UK and France to its new base in Ireland as part of its Brexit preparation.
AXA chief executive Thomas Buberl told journalist that the company’s newly-acquired XL division had begun planning to move few employees to Ireland.
AXA move to Ireland
The French insurer will also have to transfer some Paris-based jobs to Dublin as Irish regulators may ask the company to perform a minimum of sensitive tasks under their supervision.
“Since the former hub is in France, we will have to take some staff from France as Irish regulators will ask functions to be handled there,” Buberl said.
However, Buberl did not specify how many employees would be relocated to Ireland.
The insurer manages several offices in Northern Ireland including Belfast, Londonderry, Newry, Coleraine and Bangor.
Once, the UK leaves the European Union, AXA will manage its overseas risk and reinsurance trough an Irish subsidiary. Its London unit will continue to manage all its businesses in the UK.
Dublin has been competing with Frankfurt, Paris and other major EU cities to attract more financial jobs away from London ahead of the UK departure from the EU in March this year.