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American International Group, Inc. announced its plans to locate an insurance company in Luxembourg to ensure continued smooth operation of its business across the European Economic Area (EEA) and Switzerland once the United Kingdom leaves the European Union. From 2019, AIG proposes to have two AIG subsidiary insurance companies in Europe – one in the UK to write UK business and one in Luxembourg to write EEA and Swiss business, which will have branches across the EEA and Switzerland.
AIG currently writes business in Europe from a single insurance company based in the UK, AIG Europe Limited, which has branches across the EEA and Switzerland. Anthony Baldwin, Chief Executive of AIG Europe said: “This is a decisive move that ensures AIG is positioned for whatever form...
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