5 June 2018Insurance

RSA Luxembourg unit gets regulatory approval in Europe; director appointed

RSA Insurance Group has received licence approval for its  new insurance subsidiary in Luxembourg from the regulator Commissariat aux Assurances (CAA).

RSA Luxembourg has been established in preparation for the UK’s exit from the European Union to ensure there is no disruption to business with EU-based customers and other business partners. The plan was first announced in June 2017.

The company said its existing EU branch business will be transferred to RSA Luxembourg (RSAL) by way of a Part VII transfer and then directly onto the RSAL licence from January 2019.

Richard Turner, who currently oversees the EU business from the UK, will serve as director for RSAL.

Tony Buckle, managing director of RSA’s Global Risk Solutions, said: “RSA Luxembourg demonstrates our commitment to the European Union. It provides certainty and continuity for our customers and other business partners across the EU post Brexit.”

Turner said: “This is an important step forward for RSA. I am looking forward to relocating to Luxembourg and to continue working with our management team to grow our business.”

Make sure you are GDPR compliant and  confirm your email address to keep getting our daily emails

More of today's news

Guy Carpenter taps Goldman Sachs exec to lead capital markets unit

Munich Re creates new key role in innovation strategy

Schinnerer Group reveals new operating model and growth strategy

XL Catlin bolsters global excess casualty leadership with Aspen hire

Tower Insurance MD departs after 44 years; successor revealed

Don't miss our insurtech email newsletter - sign up today

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk

More on this story

5 July 2018   UK commercial insurer RSA has appointed Mandy Hunt to succeed Colin Bradbury as chief underwriting officer (CUO) for commercial risk solutions (CRS), RSA UK & International.
12 July 2018   RSA Insurance Group has appointed Chris Riley as senior executive officer for its operation in the Dubai International Financial Centre (DIFC).
4 September 2018   RSA Insurance Group's new European office in Luxembourg will be led by Richard Turner who previously oversaw the company's EU business from the UK, and has relocated to take up the role.