Industry giant XL Group recently announced that it has completed its proposed redomestication from Ireland to Bermuda.
Along with the change in the place of incorporation, the new name of XL Catlin’s parent holding company will now be XL Group Ltd.
In an earlier statement, XL CEO Michael McGavick said that establishing a corporate home in Bermuda is a “natural step” for the company.
XL has had a presence in Bermuda since 1986, which grew significantly following the merger with Catlin in 2015, McGavick said.
He explained that a significant portion of XL’s business – its largest operating subsidiary – has been located and locally regulated in Bermuda for decades.
“It has been concluded that the BMA is best situated to serve as XL's group-wide supervisor and to approve XL’s internal capital model,” McGavick said. “This is a change that we believe will benefit XL’s clients, partners, and shareholders alike.”
The insurance group does not expect the redomestication to have any material impact on its financial results, including the company’s global effective tax rate.
On the same day that the completed redomicile was revealed, XL Catlin also announced an important recruit from rival insurance giant
AIG.
The insurer has appointed Eduardo Guinea as client and distribution leader of its operations in Iberia. Based in Madrid, he will report to country manager José Ramón Morales.
Morales said Guinea has a “thorough understanding of the Iberia market” and that his experience will help XL Catlin extend its distribution channels across the peninsula and increase its partnerships with brokers.
“This will consequently make our broad product suite available to more clients, especially in the Financial Lines and Specialty areas,” Morales said.
With 12 years of industry experience, Guinea most recently served as product manager and team leader at AIG.
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