Insurer RSA has become the latest to announce its intention to set up a new office in Luxembourg in response to Brexit.
The country seems to be heavily favoured by insurers looking to set up a hub in order to continue doing European business post-Brexit. Insurers
AIG,
FM Global and
Hiscox have all made moves to establish Luxembourg hubs, and the head of the country’s trade promotions body recently said he was preparing for even more insurers to join them, according to a report by the Daily Telegraph.
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Many financial services firms in the EU are hurrying to set up overseas hubs, anticipating a loss of passporting rights once Brexit takes effect.
Up to 10 people will work in RSA’s Luxembourg office, which will be the headquarters for the company’s existing EU offices in France, Belgium, Spain, Germany and the Netherlands, the Telegraph reported. An RSA spokesperson said that the company chose Luxembourg because it was an “ideal location” with an experienced regulator and multinational expertise.
“While Brexit is not a major issue for RSA, the move allows the sensible reconfiguration of the branch network in light of the UK’s exit from the EU,” she said.
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