More insurance companies are expected to establish their post-Brexit hub in Luxembourg, a finance official from the country has revealed.

The news follows Hiscox’s announcement last week that it will set up its new EU subsidiary in Luxembourg. Now, the head of the country’s trade promotion body is claiming that the specialist insurer won’t be the last one.

Nicolas Mackel, Luxembourg for Finance chief executive, is preparing for “at least two or three more insurance companies” to follow suit by the summer, the Telegraph reports.

According to the report, Mackel has admitted to being surprised at the level of interest from insurance firms.

However, Mackel also said that he has no plan to carry out gimmicks such as special roadshows or brochures to further improve Luxembourg’s competitive stance, the report added. He said the competition for relocating UK firms is not like the video game Pokemon where you “need to catch them all.”

Earlier this month, Luxembourg finance minister also denied offering special deals to undercut European rivals, saying it “doesn’t give the right signal.”

Apart from Hiscox, industry giant AIG and US commercial property insurer FM Mutual have also revealed plans to locate their new EU outposts in Luxembourg to maintain access to the single market.


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