UK-based RSA Insurance Group has received approval from the High Court of England and Wales to transfer its European business to Luxembourg branch ahead of Brexit.
The insurer will now start transferring the European insurance business of its UK subsidiary, Royal & Sun Alliance to its newly established insurance subsidiary RSA Luxembourg.
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Effective 1 January next year, the Part VII transfer will enable the RSA Insurance Luxembourg arm to act as the insurer for all risks currently underwritten through RSAI’s European branch network.
Additionally, insurance policies written out of RSAI’s Global Risk Solutions or Commercial Risk Solutions businesses will also transfer to RSA Luxembourg, if they are related to the European Economic Area (EEA).
RSA set up the office in Luxembourg in September to ensure continuity of its business with European customers’ post-Brexit.
After completion of the transfer, RSA Luxembourg will operate as the new EU head office of its offices in Belgium, France, Germany, the Netherlands and Spain.
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By GlobalDataRSA Luxembourg CEO Richard Turner said: “Achieving Court approval of our Part VII transfer was a key milestone in our plan to secure a business-as-usual approach for our customers and brokers following the UK’s departure from the European Union.
“The transfer to RSA Luxembourg will minimise disruption to our business with EU-based customers and ensure we are best placed to serve UK customers’ needs in Europe.”
