MS&AD Insurance Group Japanese subsidiary Aioi Nissay Dowa Insurance, (ADI), has revealed plans to restructure the firm’s Europe operations, opening a new UK branch and shifting business to Luxembourg to ensure post-Brexit continuity of its European automobile insurance-centred business.
UK – based subsidiary Aioi Nissay Dowa Insurance Company of Europe (ADE), the European subsidiary of Asia’s largest insurer, will be reestablished as a UK holding company that will oversee the firm’s European operations by end of February 2018.
In addition, the ADE subsidiary’s operations will be moved to Luxembourg as a new base for E.U. books of business.
Plans were also announced to set up as a new insurance company for UK non-life insurance business by September, 2018, Aioi Nissay Dowa Insurance (UK) (ADE UK).
Mike Swanborough will act as Chief Executive Officer for both subsidiaries.
There will be no change in the total capital of the ADI group based on this reorganization as it only involves inner company capital exchange.
The decisions were reached at a Board of Directors meeting held on October 31.
