XL joins a long list of Bermuda-based companies which have switched their places of incorporation in recent years - most notably its neighbours and rival insurers Ace Ltd.

Ace redomiciled its holding company from the Cayman Islands to Switzerland in July 2008 following shareholder approval at its Annual General Meeting.

The move became official after filings were made in the Caymans and Switzerland, and the establishment of the holding company in Zurich, having announced its plans to move in March this year.

But the move came a cost, with the company losing its place on the S&P 500 and the Russell 1000 indices.

Most recently TBS International announced it had completed the change in its place of incorporation to Ireland, following receipt of the required approval from the Supreme Court of Bermuda, while Willis Group Holdings Ltd. at the end of last year announced the completion of its reorganisation and the incorporation of new parent company Willis Group Holdings Public Ltd. in Ireland, citing the need to relocate to a "more stable environment".

Both Foster Wheeler and Weatherford International Ltd. as well as Warner Chilcott switched their headquarters to Switzerland and Ireland respectively over the past couple of years.

Tyco International, VistaPrint, Covidien, Accenture, Ingersoll-Rand, Cooper Industries Ltd. and Tyco Electronics have all approved proposals or are awaiting approval to relocate to Europe during the last year.