The UK’s RSA Insurance Group announced Monday it would open a headquarters to its existing EU branches in the grand duchy.

“Luxembourg is an ideal location with multi-national expertise, strategically located within RSA’s existing EU branch network and has an experienced regulator,” the firm said in a press statement.

RSA has existing branches in Belgium, France, Germany, Spain and the Netherlands, which the firm says are a “core element of the GRS (Global Risk Solutions) segment” of its UK and international business.

“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. It supports the company’s current operating model, allowing it to continue to focus on its people, customers and brokers without interruption, all in all helping RSA to achieve its ‘best in class’ ambitions”, the firm said.

The news comes after a handful of insurers announced plans to create subsidiaries in Luxembourg and other EU destinations to gain access to other markets through so-called EU passporting rights.

Among the firms who will open Luxembourg-based subsidiaries are FM Global, American International Group, Hiscox and AIG.

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