With XL re-domesticating from the Cayman Islands to Ireland, our tourism stats look set to take a hit as well:
XL Capital has no employees in the Cayman Islands and McGavick said he has not traveled to the British territory once during his 18-month tenure as CEO. The operational headquarters will remain in Bermuda, but more than half the board meetings will be in Ireland to comply with regulations for establishing a holding company there, McGavick said.
Those board members get reported as tourists in the deliberately obfuscated air arrival numbers.
