The move, which forms part of its post-Brexit strategy and was approved by the High Court of England & Wales, gave AIG permission to split its European insurance business into two units, one to be based in Luxembourg and one in the UK. The plan was first announced in April 2018.

“AIG currently writes business in Europe from AEL, a single insurance company, based in the UK with branches across Europe. As part of the restructure, AIG will merge AEL into AESA,” the company wrote in a press release published on Thursday. “AIG UK will be based in London, UK, and will continue the business of AEL’s existing UK operations. The UK is AIG’s largest single operation in Europe. AESA will be headquartered in Luxembourg City, Luxembourg, with 21 branches across the EEA and Switzerland,”

It added that the new AIG companies will begin writing business from 1 December 2018.

According to Paperjam, AIG has held a branch in Luxembourg since 1995.