More Insurers Opting to Form EU Subsidiaries
Risk Management Monitor More Insurers Opting to Form EU Subsidiaries A growing list of insurers are choosing to form subsidiaries in the European Union to ensure continuous coverage for their European clients following the United Kingdom’s withdrawal from the EU in June 2016. They wish to protect themselves in case Brexit impacts their ability to sell insurance policies and products across the EU from bases in Britain. FM Global recently announced it is opening an office in Luxembourg, noting that the license allows it to “continue to deliver seamless insurance coverage to its policyholders” throughout the European Economic Area (EEA), where it has operated for more than 50 years. “We chose Luxembourg as our EEA hub because it’s a multinational business-friendly financial center with regulatory expertise that enables us to remain true to our mutual insurance company business model,” Chris Johnson, executive vice president who will serve as its managing dir...