RSA picks Luxembourg for post-Brexit EU headquarters
RSA Insurance Group is planning to set up a new subsidiary entity in Luxembourg as the headquarters of its existing EU branches in Belgium, France, Germany, Spain and the Netherlands.
The re/insurance sector in the UK is worried that it might use its passporting rights after the UK leaves the EU. 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. Official Brexit negotiations with the EU are expected to start in 2017.
“Luxembourg is an ideal location with multi-national expertise, strategically located within RSA’s existing EU branch network and has an experienced regulator,” the company explained in a statement.
RSA’s EU branches are a core element of the Global Risk Solutions segment of RSA’s UK & International business, the insurer noted.
While Brexit is not a major issue for RSA, the move allows the sensible reconfiguration of the branch network in light of the UK’s exit, according to the statement.
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