Britain’s vote to leave the European Union has prompted insurance giant AIG to consider moving some of its operations out of the UK.
The major insurer, which has 2,500 employees in the UK, may relocate its European headquarters from London to elsewhere in the EU following the Brexit move,
Reuters reported.
According to the report, AIG Europe and UK chief executive Anthony Baldwin said at an industry conference that the company may make its decision in the coming year.
“At a certain point in time you have to pull the trigger in the absence of any clarity on where negotiations are going with the transition period,” Baldwin was quoted as saying in the
Reuters report.
“We will always continue to have a big London hub but we might have a European headquarters elsewhere,” he added.
Baldwin said he was eyeing half a dozen locations including Dublin for AIG’s new head office on the continent.
He noted that AIG’s move from Paris to London five years ago took around 18 months and affected about 200 jobs.
However, Baldwin said a possible departure from the UK capital would not have a material impact on AIG’s workforce.
“We know what it takes,” the
Telegraph quoted Baldwin as saying.
Meanwhile, Association of British Insurers director general Huw Evans said at the same industry conference that companies should engage with the government instead of complaining about Brexit.
“We have got to be patient, we have got to be useful and constructive and focus on the opportunities that are there and help the government navigate these challenges that are going to take many, many years to work out,” Baldwin said, as reported by the
Telegraph.
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