RSA Insurance Group PLC secured a license approval from Luxembourg's Commissariat aux Assurances for its new unit in the country, which will become its EU headquarters once Britain exits the bloc.
The U.K. insurer said the existing EU branch business of RSAI PLC will be transferred to the new unit, which will be called RSA Luxembourg, through a Part VII transfer and then directly to the new license from Jan. 1, 2019.
Richard Turner, who currently oversees RSA's EU business from the U.K., will become the director of RSA Luxembourg.
RSA's European branch business has about 250 employees and covers large commercial clients.
