RSA Insurance Group has received license approval from Commissariat aux Assurances (CAA), Luxembourg’s official regulatory authority responsible for the supervision of the insurance sector, for its new insurance subsidiary, RSA Luxembourg (RSAL).
Additionally Richard Turner, a 35-year veteran of the firm currently overseeing European Union (EU) business from the U.K., is set to be appointed in a Director role for RSAL.
Approval of the subsidiary ensures that there will be no disruption to business with EU-based customers and other business partners post-Brexit.
Existing EU branch business of RSAI PLC will be transferred to RSA Luxembourg (RSAL) by way of a Part VII transfer and then directly onto the RSAL licence from 1st January 2019.
Commenting on the approval, Tony Buckle, Managing Director of RSA’s Global Risk Solutions, said, “RSA Luxembourg demonstrates our commitment to the European Union. It provides certainty and continuity for our customers and other business partners across the EU post Brexit. RSA’s European branch business focuses on large commercial clients and employs approximately 250 people across the EU.”
Turner added, “This is an important step forward for RSA. I am looking forward to relocating to Luxembourg and to continue working with our management team to grow our business.”