RSA is one of 33 firms (of which 10 are in insurance) to have announced a Luxembourg subsidiary because of Brexit
Photo: Matic Zorman
RSA Insurance Group has received regulatory approval to open a subsidiary in Luxembourg, it announced in a press release on Monday.
The firm, which is one of 33 firms (of which 10 are in insurance) to have announced a Luxembourg subsidiary to retain access to the European market after Brexit, said its existing EU branch business of RSAI will be transferred to Luxembourg.
It said it worked closely with regulator the CAA to fully comply with EIOPA guidance on Brexit. The office will be managed by Richard Turner, who currently oversees EU business from the UK and will take up the director role for RSA Luxembourg.
“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,” RSA Global Risk Solutions managing director Tony Buckle said in the press release.