CNA Hardy’s announcement brings to six the number of insurance firms who have confirmed plans to open Luxembourg subsidiaries
Insurer CNA Hardy is the latest insurer to announce plans to open a subsidiary in Luxembourg ahead of Brexit negotiations.
The commercial insurance specialist said the process of establishment was already underway and expected to be completed by early 2019.
CNA Hardy CEO David Brosnan said in a press release: “We are in the business of providing certainty for our customers, and in an increasingly uncertain political environment, we must ensure our continuing to our employees, customers and brokers. Luxembourg is the optimum jurisdiction for the European Union.”
Brosnan said the firm would recruit a local management team to be based in Luxembourg, covering risk, finance and compliance functions.
CNA Hardy’s announcement brings to six the number of insurance firms who have confirmed plans to open Luxembourg subsidiaries. The other five include RSA Insurance group, FM Global, American International Group, Hiscox and AIG.