RSA to open Luxembourg HQ for its EU operations

Insurance major RSA is to open a new office in Luxembourg, making it the latest in the sector to set up an EU hub following the Brexit vote.

RSA follows in the footsteps of fellow insurers AIG and Hiscox announcing plans to open operations in the Duchy.

The Uk-based group’s new office will be the HQ of its Belgian, French, German, Spanish and Dutch branches. The firm employs more than 6,000 people in the UK.

RSA said yesterday: “Luxembourg is an ideal location with multi-national expertise, strategically located within RSA’S existingeubranchnetworkand has an experienced regulator.

“The new Luxembourg entity will fit into the existing UK and international governance structure and reporting lines. While Brexit is not a major issue for RSA, the move allows the sensible reconfiguration of the branch network in light of the UK’S exit.”

HSBC plans to move 1,000 staff to France, while AIG is set to shift a string of executives to Luxembourg.