Luxembourg consolidates role as EU hub for insurance companies
RSA and CNA Hardy have announced that they will establish their new European subsidiary in Luxembourg following the UK’s decision to leave the European Union.
Insurer RSA has confirmed that it will open an office in Luxembourg that will act as the headquarters for the provider’s existing European Union branches in Belgium, France, Germany, Spain and the Netherlands.
A spokesperson said in a statement: “Luxembourg is an ideal location with multi-national expertise, strategically located within RSA’s existing EU branch network and has an experienced regulator.”
CNA Hardy, a leading specialist commercial insurance provider for clients within the Lloyd’s and company markets, has announced its intention to establish a new European subsidiary in Luxembourg.
David Brosnan, CEO of CNA Hardy said: “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. 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.”
Dino Robusto, Chairman and CEO of CNA said: “After the result of the referendum last year, we began planning to ensure we maintained our ability to write and service European Union business. We are committed to our operations within Europe, and building upon our global reach. Establishing a new subsidiary in Luxembourg will enhance our ability to do just that.” RSA and CNA Hardy join leading insurers such as Hiscox, AIG and FM Global, who have also chosen Luxembourg as their new EU base to ensure that they can continue to serve their European client base without interruption.