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AIG turns to Luxembourg as Brexit makes U.K. less attractive

AIG said it plans to open an insurer in Luxembourg to write business in the European Economic Area and Switzerland once the U.K. exits the European Union.

By Lisa Du, Katherine Chiglinsky | Updated on March 08, 2017
The AIG reorganization is expected to be completed in the first quarter of 2019, and AIG will retain an insurer in the U.K. for sales in that market. (AP Photo)

(Bloomberg) – American International Group Inc., the global provider of commercial property-casualty coverage, said it plans to open an insurer in Luxembourg to write business in the European Economic Area and Switzerland once the U.K. exits the European Union.

“This is a decisive move that ensures AIG is positioned for whatever form the U.K.’s exit from the EU ultimately takes,” Anthony Baldwin, chief executive officer of AIG Europe, said Wednesday in a statement. “We are ensuring that our clients and partners experience no disruption from the U.K.’s EU exit.”

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