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Report: RSA to set up EU HQ in Luxembourg

RSA Insurance Group Plc picked Luxembourg as the location of its new EU headquarters, The Telegraph reported June 5.

Its existing offices in Belgium, France, Germany, Spain and the Netherlands will report into the new base, which will have 10 staff, according to the newspaper.

An RSA spokesperson told the newspaper that Luxembourg was chosen because of its strategic location, experienced regulator and multinational expertise. "The move allows the sensible reconfiguration of the branch network in light of the U.K.'s exit from the EU," she reportedly added.