RSA has opened an office in Luxembourg as part of its preparations for the UK’s exit from the European Union, it was announced this morning.
The move comes just days after it was revealed that a number of large UK insurers have contingency plans in place in the case of a ‘no-deal’ Brexit between the UK and the EU. The Financial Times said last week that it had contacted 20 large insurers, most of which said they would still be able to pay claims regardless of the outcome of talks, as fears over a possible no-deal continued to swirl.
RSA’s office will be led by Richard Turner, who previously oversaw the insurer’s EU business from the UK and has relocated to Luxembourg to take up the director role for RSAL. Turner’s team will operate from Luxembourg and across Europe, with new appointments within his team to be announced shortly, the firm said in a statement on Monday.
The insurer said the office will provide a platform for RSA in Europe post-Brexit, “minimising disruption to RSA’s business with EU-based customers and ensuring the business continues to serve UK customers’ needs in Europe.”
“RSA Luxembourg demonstrates our commitment to the European Union,” Turner said. “Our investment in this office showcases our commitment to continuity for our customers and other business partners across the EU post Brexit.”
