RSA Luxembourg unit gets regulatory approval in Europe; director appointed

RSA Insurance Group has received licence approval for its  new insurance subsidiary in Luxembourg from the regulator Commissariat aux Assurances (CAA).

RSA Luxembourg has been established in preparation for the UK’s exit from the European Union to ensure there is no disruption to business with EU-based customers and other business partners. The plan was first announced in June 2017.

The company said its existing EU branch business will be transferred to RSA Luxembourg (RSAL) by way of a Part VII transfer and then directly onto the RSAL licence from January 2019.

Richard Turner, who currently oversees the EU business from the UK, will serve as director for RSAL.

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.”

Turner said: “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.”

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