Menu

Reinsurance News

RSA Luxembourg granted regulatory approval

6th June 2018 - Author: Charlie Wood

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.

rsa-logoApproval 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.”

Print Friendly, PDF & Email

Recent Reinsurance News

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.

By submitting the form you are giving your consent to be emailed by us.

Read previous post:
Willis Towers Watson’s Asia Pacific practice secures accreditation

Global re/insurance broker Willis Towers Watson (WTW) has secured accreditation under the Quality Assurance Scheme (QAS) by the Institute and...

Close