Insurer picks Luxembourg for post-Brexit EU base
CNA Hardy cites ‘stable economic and political environment’ among reasons for move
CNA Hardy will set up a new European subsidiary in Luxembourg to allow it to operate across the European Union
Dublin has missed out on another financial institution that is leaving the UK after Brexit.
“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,” the firm said in a statement.
The process of setting up the subsidiary is already underway, and is expected to complete by early 2019, it said.
The firm said it would hire a local management team in Luxembourg to handle risk, finance and compliance functions.
CNA Hardy is part of CNA Financial Corp, the US-based commercial property and casualty insurance firm.