CNA Hardy selects Luxembourg for EU unit after Brexit

Specialist commercial insurer CNA Hardy will form a new European subsidiary in Luxembourg after Brexit, and appoint a local management team to oversee its risk, finance and compliance functions.

The process of establishment is already underway, and expected to be complete by early 2019, the company said in a statement.

David Brosnan, CEO of CNA Hardy, said: "We are in the business of providing certainty for our customers, and in an increasingly uncertain political environment, we must ensure we act now to provide continuity to our employees, customers and brokers.

"Luxembourg is the optimum jurisdiction for our European Union base due to its geographic location between three of our Continental European offices, its stable economic and political environment and the professional approach of the Luxembourg regulator.

"We will be recruiting a local management team to be based in Luxembourg, comprising risk, finance and compliance functions."

Dino Robusto, chairman and CEO of CNA, said: "After the result of the referendum last year, we began planning to ensure we maintained our ability to write and service European Union business. We are committed to our operations within Europe, and building upon our global reach. Establishing a new subsidiary in Luxembourg will enhance our ability to do just that."

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