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Royal & Sun Alliance Insurance (RSAI) is the latest major insurance firm to be granted approval for a Brexit move for its European business.
The High Court has sanctioned a Part VII transfer facilitating the transfer of RSAI’s European insurance business to RSA Luxembourg – the move becomes effective from January 01 next year. As a result of the transfer, the Luxembourg subsidiary will become the insurer for risks throughout RSA’s European branch network – while insurance policies written out of the UK as part of the Global Risk Solutions or Commercial Risk Solutions businesses will also transfer across to RSA Luxembourg where they are related to EEA risks.
“Achieving Court approval of our Part VII transfer was a key milestone in our plan to secure a business-as-usual approach for our customers and brokers following the UK’s departure from the European Union,” said Richard Turner, CEO of RSA Luxembourg.
“The transfer to RSA Luxembourg will minimise disruption to our business with EU-based customers and ensure we are best placed to serve UK customers’ needs in Europe.”
The Luxembourg office was initially opened in September – following the transfer it will become the new EU head office for RSA’s branches in France, Spain, the Netherlands, Germany and Belgium.
