View this article online: https://www.insurancejournal.com/news/international/2017/09/11/463862.htm
Chubb Limited intends to relocate its European Union headquarters to France if the United Kingdom leaves the EU as expected in March 2019.
The insurer said the decision to choose France as Chubb’s preferred post-Brexit headquarters for its Continental European operations is contingent on receiving all necessary regulatory and other governmental approvals.
Post-Brexit, Chubb will continue to have a substantial presence in London in addition to its offices and operations across the UK and EU.
“Locating our European Union headquarters in France post-Brexit is a clear choice for us,” said Evan G. Greenberg, chairman and chief executive officer. “Paris is the principal office for our Continental European operations and we have a significant investment there in both financial and human resources, as well as a large portfolio of commercial and consumer insurance business throughout France. Our many years of experience in the French market and working closely with the French regulators gives us great confidence in making this decision and reinforces our commitment to our staff, clients and distribution partners in both France and across the continent.”
Joseph Wayland, Chubb executive vice president and general counsel, praised the assistance and cooperation of the French government has the insurer explored its post-Brexit options. “We are confident that locating our EU base in Paris will ensure that Chubb is well positioned to serve its clients whatever the ultimate terms of the UK’s exit from the European Union,” Wayland said.
Chubb joins a parade of insurers announcing where they will headquarter their EU operations after the UK exits the EU. AIG, MS Amlin and Lloyd’s have selected Belgium. FM Global is opening in Luxembourg. Beazley is turning its Dublin, Ireland-based reinsurance operation into an insurance subsidiary.
According to a 2016 survey of 100 business leaders by the KPMG, the U.K.’s vote to leave the European Union has left more than three-quarters of chief executive officers saying they would consider moving their headquarters or operations outside Britain.