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FEATURE: Insurance firms redomiciling
29 January 2010
XL plans to redomicile to Ireland and the remaining Lloyd’s players headquartered in the UK are also considering leaving. We ask why firms are looking to move and to where.
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[xl capital]
[chaucer]
[bermuda]
[ireland]
[michael mcgavick]
The issue of redomiciling has been put firmly back on the agenda for the insurance industry by recent events involving Chaucer, XL Capital and Willis.
When Chaucer’s new CEO Bob Stuchbery admitted that the company was keeping his options under review he was probably only reflecting what is only a prudent strategy for many in the business.
And it would come as no surprise to those watching the industry over the years that the primary driver for a potential move by Chaucer would be tax – as it has been for many insurance and reinsurance firms, particularly since the origins of the Bermudian market over 20 years ago.
If Chaucer were to move it would follow a well-trodden path out of London. It is one of only three listed Lloyd’s underwriters, out of a possible 19, to retain the UK as its tax domicile.
What is less clear is...
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