Japanese insurer opts for Luxembourg
In what will no doubt be a familiar refrain as the chaos of Brexit continues to make its impact known, a Japanese insurer has opted to move one of its subsidiaries from London to Luxembourg, to get ahead of the UK’s departure from the European Union (EU).
Aioi Nissay Dowa, part of MS&AD Insurance Group, has said that it is restructuring its European business so that provision of its products and services will continue ‘in a stable manner’ following Brexit.
Tokio Marine also recently opted for Luxembourg over London as a centre for its European operations following Brexit, and Sompo Japan Nipponkoa Insurance is reportedly considering following suit.