Global insurance company XL Group has chosen Dublin for its main European Union insurance carrier operations as a result of the Brexit vote in the UK.
XL Group has had insurance operations in Dublin since 1990, when it opened its first European insurance company in the newly opened IFSC.
It now employs around 45 people here at its offices in St Stephen's Green in Dublin, and it hopes to employ up to 70 people by the end of 2018.
The company has 7,000 workers globally and under the XL Catlin brand provides property, casualty and speciality products to industrial, commercial and professional firms, insurance companies and other enterprises.
Headquartered in Bermuda, the company has offices in 210 countries around the world.
"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," commented the company's group chief executive Mike McGavick.
"Moving XL Insurance Company SE to Ireland means we deliver on that commitment," he added.
Welcoming the news, Taoiseach Leo Varadkar said that the XL Group is a welcome addition to Dublin's thriving financial services sector.
"At a time many countries have lost their confidence and are unsure about their place in the world, Ireland's firm commitment to being at the heart of Europe, in the euro and being globally engaged, with an open economy and commitment to free trade makes us an excellent place to invest," the Taoiseach said.
"I look forward to more announcements in the weeks and months ahead," he added.
Tánaiste and Minister for Business, Enterprise and Innovation, Frances Fitzgerald said the the country is seeking to deepen and expand the range of financial services companies who are investing here.
The Minister said that Ireland is now a major player and a very attractive location for financial services companies from all over the world.
"We have the skills and structures to support new projects and to welcome new investors. As we face into the challenges of Brexit, we are determined to pursue and seize new opportunities," she added.
