RSA secures approval for Brexit plan

UK-based RSA Insurance Group is transferring its European insurance business to its  new Luxembourg office in preparation for Brexit.

The group has received approval from the UK High Court to complete its Part VII transfer process.

RSA’s Luxembourg office (RSAL) opened in September 2018 to provide a hub for the company in Europe post-Brexit.

Following the transfer, RSAL will become the new EU head office of RSA’s branches in Belgium, France, Germany, the Netherlands and Spain, allowing each to focus on their core businesses without experiencing any disruption.

Insurance policies written out of the UK as part of Royal & Sun Alliance Insurance's (RSAI's) Global Risk Solutions or Commercial Risk Solutions businesses will also transfer to RSAL, where they relate to risks located in the European Economic Area (EEA).

Richard Turner, CEO of RSA Luxembourg, said: “Achieving Court approval of our Part VII transfer was a key milestone in our plan to secure a business-as-usual approach for our customers and brokers following the UK’s departure from the European Union.

"The transfer to RSA Luxembourg will minimise disruption to our business with EU-based customers and ensure we are best placed to serve UK customers’ needs in Europe.”