Trying to keep up with all of the different insurance companies announcing their post-Brexit plans is quite the task. Just yesterday we heard about
RSA’s plans and then this was followed by an
announcement from QBE this morning. Now, a third insurer has got in on the act within a 24hr period.
This time it is the turn of
CNA Hardy, a specialist commercial insurance provider – it, much like RSA and
AIG, will set up a new European subsidiary in Luxembourg.
“We are in the business of providing certainty for our customers, and in an increasingly uncertain political environment, we must ensure we act now to provide continuity to our employees, customers and brokers,” said David Brosnan, CEO of CNA Hardy. “Luxembourg is the optimum jurisdiction for our European Union base due to its geographic location between three of our Continental European offices, its stable economic and political environment and the professional approach of the Luxembourg regulator. We will be recruiting a local management team to be based in Luxembourg, comprising risk, finance and compliance functions.”
According to the company’s chairman and CEO, Dino Robusto, the company has been looking at ways to maintain its ability to write and service European Union business ever since the referendum last year.
“We are committed to our operations within Europe, and building upon our global reach,” he said. “Establishing a new subsidiary in Luxembourg will enhance our ability to do just that.”
The process of establishment is already under way, and expected to be complete by early 2019.
Related stories:
CNA creates vice president role to tap technology in operations
CNA appoints Dino Robusto as chief executive
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