Specialty commercial insurer CNA Hardy said it plans to open a new European subsidiary in Luxembourg.
The company said it is acting to provide “continuity to our employees, customers and brokers” in the current uncertain post-Brexit political environment.
The process is already underway and expected to be complete by early 2019, according to the announcement.
“After the result of the referendum last year, we began planning to ensure we maintained our ability to write and service European Union business,” said Dino Robusto, chairman and CEO of CNA. “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.”
David Brosnan, CEO of CNA Hardy, called Luxembourg the “optimum jurisdiction” for the firm’s European Union base due to its geographic location between three of its Continental European offices, “its stable economic and political environment and the professional approach of the Luxembourg regulator.”
Brosnan said the firm will recruit a local management team to be based in Luxembourg, comprising risk, finance and compliance functions.
CNA Hardy, acting through Hardy Limited and CNA Insurance Co. Limited, independent wholly-owned UK subsidiaries, provides commercial insurance for clients within both the Lloyd’s and company markets.
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