RSA has received regulatory approval for its new Luxembourg insurance subsidiary, which is being set up to deal with Brexit.
RSA Luxembourg (RSAL) has been established to ensure no disruption for business with EU-based customers and other business partners.
RSA’s existing EU branch business will be transferred to RSAL via a Part VII transfer and then directly onto the RSAL licence from 1 January 2019.
Richard Turner, who currently oversees RSA’s EU business from the UK, will relocate to Luxembourg to become director of the new company.
RSA said it worked closely with Luxembourg regulator Commissariat aux Assurances (CAA) to ensure the firm fully complies with 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 currently employs approximately 250 people across the EU.