RSA Insurance Group has opened its new office in Luxembourg to gain unrestricted access to European markets after Britain’s departure from the European Union in 2019.
“The office, located in RSA Luxembourg SA, 40, rue de Cure, L-1368 on 3 September will provide a platform for RSA in Europe post-Brexit, minimising disruption to RSA’s business with EU-based customers and ensuring the business continues to serve UK customers’ needs in Europe,” the insurer said in a statement.
The new office will be headed by Richard Turner as director, who has moved to Luxembourg.
Turner was formerly based in the UK, from where he managed the insurer’s EU operations.
Moreover, the insurer also looks to appoint more executives in Turner’s team shortly.
“RSA Luxembourg demonstrates our commitment to the European Union. Our investment in this office showcases our commitment to continuity for our customers and other business partners across the EU post Brexit,” Turner stated.
Brexit has prompted various insurers to overhaul their operations. In June 2018, Chubb restructured its European subsidiaries to redomicile the businesses to France, while Arch Capital Group unveiled plans to expand its underwriting operations in Ireland.
Earlier this year, specialty insurer Newline Group selected Cologne in Germany as its new EU base, while Lloyd’s of London received the regulatory nod for its Belgium subsidiary.