RSA has received licence approval for its new subsidiary in Luxembourg from local regulator, the Commissariat aux Assurances (CAA).
The new subsidiary has been established in preparation for the UK’s exit from the European Union. 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.
Managing director of Global Risk Solutions at RSA, Tony Buckle, said the new subsidiary demonstrates RSA's commitment to the European Union. "It provides certainty and continuity for our customers and other business partners across the EU post Brexit,” he added.
RSA’s European branch business focuses on large commercial clients and employs over 250 people across the EU. Richard Turner, who currently oversees the EU business from the UK, will take up the director role for RSAL.
In addition to working closely the CAA, RSA also followed European Insurance and Occupational Pensions Authority (EIOPA) guidance on Brexit.
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