Despite reassurances that the UK’s passporting rights will remain in place after Brexit negotiations, another insurer has announced it is establishing a European subsidiary.
Aioi Nissay Dowa Insurance (ADI), the Japanese insurance firm that is part of MS&AD, one of the largest insurers in Asia, will join the likes of Tokio Marine, CNA
, Liberty Mutual
and FM Global
in choosing Luxembourg as its new base.
In a press statement, MS&AD announced that it would restructure its European business and move Aioi Nissay Dowa Insurance Company of Europe Limited as an insurance company for continental Europe,
“We welcome the decision by Aioi Nissay Dowa,” said Nicolas Mackel, CEO of Luxembourg for Financne. “It will further enrich Luxembourg’s financial services ecosystem already composed of six leading Japanese banks and now two major Japanese insurance companies. We are delighted that increasing numbers of leading global financial institutions are recognising the benefits of the country's long-term stability and world-class, international expertise.”
LMG: London must rise to the challenge of competing with local markets
Luxembourg could become the new London