Insurer and reinsurer Hiscox has today announced plans to establish a new European subsidiary in Luxembourg in a post-Brexit restructuring move.
The international specialist re/insurer said the EU subsidiary will be used to write all Hiscox retail business in Europe and a team covering core functions like compliance, risk and internal audit will be recruited to operate the Luxembourg entity.
Hiscox said Luxembourg was selected because its close position to many of the insurer’s major markets as well as its “pro-business position, strong financial services experience and well-respected regulator.”
“Our existing European business, which comprises over 350 people across seven of the EU 27 countries, will continue to operate without interruption,” Hiscox added.
The insurer said work to set up the subsidiary would begin immediately, and is expected to be completed before March 2019 to ensure a seamless post-Brexit transition.
A number of insurers and reinsurers have made moves to establish a subsidiary in a remaining EU member country post-Brexit, including the Lloyd’s of London marketplace, which recently announced Brussels as its EU domicile of choice.