AIG London jobs in move to Luxembourg

AIG is to shift a string of London-based executives to Luxembourg to head up a new EU subsidiary as part of the insurance giant’s Brexit contingency plans.

The company announced yesterday it would retain its UK headquarters, but turn its Luxembourg branch, which currently houses three staff, into a subsidiary meant to serve continental clients from 2019.

In a statement, the firm said: “American International Group, Inc. announced plans to locate an insurance company in Luxembourg to ensure continued smooth operation of its business across the European Economic Area and Switzerland once the United Kingdom leaves the European Union.”

A spokesman for the compa- ny said AIG was not expecting any redundancies in London as part of the move, but some senior leadership roles are expected to move as a result.

The company did not provide any guidance on the number of senior staff set to relocate.

However, it is understood that fewer than a dozen of its London-based executives could leave the City.

Chief executive of AIG Europe Anthony Baldwin said: “This is a decisive move that ensures AIG is positioned for whatever form the UK’s exit from the EU takes.

“AIG sees opportunity in the ongoing resilience of the UK insurance market. At the same time, we are ensuring that our clients and partners experience no disruption from the UK’s exit.

“Our Luxembourg company will be complementary to our existing structure.”