Halifax insurer RSA sets up hub in Europe

RSA, Dean Clough
RSA, Dean Clough

Insurance group RSA is to open a new office in Luxembourg, making it the latest insurer to set up an EU hub as a result of Brexit.

The firm will follow in the footsteps of fellow insurers AIG and Hiscox, which have also recently announced plans to open operations in the Duchy.

The new office will form the headquarters of RSA’s Belgian, French, German, Spanish and Dutch branches.

The firm employs more than 6,000 people in the UK. RSA also has an office in Halifax, West Yorkshire.

RSA said in a statement: “Luxembourg is an ideal location with multi-national expertise, strategically located within RSA’s existing EU branch network and 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.”

It is the latest in a series of announcements from City-based firms which have said they are shifting jobs to the continent as Britain leaves the EU.

JP Morgan is planning to move up to 1,000 London jobs to Dublin, Frankfurt and Luxembourg in a bid to secure its EU business after Brexit.

HSBC plans to move 1,000 staff to France, while AIG is set to shift a string of executives to Luxembourg, with Lloyd’s of London opting for a subsidiary in Brussels.