RSA has received licence approval for its new insurance subsidiary in Luxembourg from the regulator, the Commissariat aux Assurances (CAA)
RSA Luxembourg has been established in preparation for the UK’s exit from the European Union to ensure there is no disruption to business with EU-based customers and other business partners. Existing EU branch business of RSAI PLC will be transferred to RSA Luxembourg (RSAL) by way of a Part VII transfer and then directly onto the RSAL licence from 1st January 2019.
RSA worked closely with the CAA 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 approximately 250 people across the EU. Richard Turner, who currently oversees the EU business from the UK, will take up the director role for RSAL. Richard 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.”
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