UK aerospace insurer picks Paris for EU subsidiary
UK insurer Global Aerospace is setting up a EU subsidiary in Paris to make sure it can continue to serve customers after Britain leaves the bloc, Reuters reported June 7.
The re/insurance sector in the UK has been particularly worried about the possibility of losing its passporting rights. The mechanism provides a company authorised in one member state the ability to conduct cross-border business without being required to apply for any additional authorisation or hold assets locally.
"We are taking steps to establish a subsidiary in the EU so as to ensure that we are able to provide our services to customers across Europe on an uninterrupted basis, regardless of the outcome of the Brexit negotiations," CEO Nick Brown told the news agency in emailed comments.
Brown added that the firm had chosen Paris "because we already have a team there and it is already an important marketplace for aviation insurance".
Global Aerospace insures 30,000 general aviation aircraft worldwide.