Approval set up RSA Luxembourg a key part of insurer’s Brexit plans
RSA has received approval for a new base in Luxembourg.
The move to set up RSA Luxembourg (RSAL) is part of RSA’s Brexit preparations.
It will see the existing EU branch business of RSAI PLC transferred to RSAL. This will be on the RSAL licence by 1 January 2019.
The news swiftly follows MS Amlin being granted approval for a new Brussels base as part of its own Brexit plans.
In a statement RSA said it worked closely with the Commissariat aux Assurances to ensure the new company fully complies with the European Insurance and Occupational Pensions Authority (EIOPA) guidance on Brexit.
Tony Buckle, managing director of RSA’s Global Risk Solutions, said: “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’s European branch business focuses on large commercial clients and employs over 250 people across the EU.
Richard Turner, who currently oversees the EU business from the UK, will take up the director role for RSAL.
Turner said: “This is an important step forward for RSA. I am looking forward to relocating to Luxembourg and to continue working with our management team to grow our business.”