RSA picks Luxembourg for EU headquarters as part of continental branch re-jig

 
Oliver Gill
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RSA has followed a similar move by Hiscox to set up an EU base in Luxembourg (Source: Getty)

Insurance giant RSA has picked Luxembourg as the location of its new EU headquarters.

The owner of motor brand More Than said Luxembourg will serve EU branches in Belgium, France, Germany, Spain and the Netherlands. It will primarily be an administrative office with fewer than 10 people employed.

RSA said: "Luxembourg is an ideal location with multi-national expertise, strategically located within RSA’s existing EU branch network and has an experienced regulator.

"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 [from the EU]."

Read more: Lloyd's chair isn't worried about the impact of new EU hub on London

Luxembourg has been the country of choice for a number of insurers hoping to mitigate the impact of a hard Brexit. Lloyd's of London stalwarts Hiscox and Liberty Specialty announced last month plans to set up offices in the country, mirroring a move by US giant AIG.

Meanwhile, Dublin has been the choice for a number of other firms: Legal & General has previously chosen the Irish capital and Standard Life has indicated it is likely to do the same.

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Lloyd's of London was one of the first in the insurance sector to make a decision on its post-Brexit EU base, announcing plans to set up a base in Brussels one day after Prime Minister Theresa May triggered Article 50.

RSA added today: "RSA’s EU branches are a core element of the Global Risk Solutions segment of RSA’s UK and international business. The new Luxembourg entity will fit into the existing UK and international governance structure and reporting lines."

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