Chubb reveals plan for EU base

US insurer Chubb has chosen Paris to host its post-brexit EU headquarters in another blow to Britain’s financial services industry.

It is unclear whether the decision will require UK staff to relocate, and a spokeswoman for the insurer said no decision had yet been made on what the contingency plans would entail for its workforce.

The company did not confirm the size of the insurer’s UK operations but said its European workforce totalled around 3,600 staff.

Chubb’s chief executive and chairman Evan Greenberg said that France was “a clear choice” for the firm.

“Paris is the principal office for our Continental European operations and we have a significant investment there in both financial and human resources, as well as a large portfolio of commercial and consumer insurance business throughout France.

“Our many years of experience in the French market and working closely with the French regulators gives us great confidence in making this decision and reinforces our commitment to our staff, clients and distribution partners in both France and across the Continent,” he added. Chubb is the latest financial services firm to reveal plans for its post-brexit headquarters, though most have turned to rival financial centres including Frankfurt and Dublin.

Barclays, Legal & General and Bank of America have recently revealed plans to base Eu-focused operations in Dublin after Brexit, while Luxembourg has gained commitments from the likes of US giant AIG, Northern Trust and insurers RSA and Hiscox.

JP Morgan and Goldman Sachs are set to bolster operations in various EU cities including Frankfurt.