RSA granted Part VII transfer moving European business to Luxembourg
On Thursday 29th November2018, the High Court sanctioned the Royal & Sun Alliance Insurance plc (RSAI) Part VII transfer, which facilitates the transfer of RSAI’s European insurance business to RSA Luxembourg S.A. (RSAL) effective from 1st January 2019.
As a result of this transfer, RSA’s Luxembourg subsidiary will become the insurer for risks currently underwritten through RSAI's European branch network. Insurance policies written out of the UK as part of RSAI's Global Risk Solutions or Commercial Risk Solutions businesses will also transfer to RSAL, where they relate to risks located in the European Economic Area (EEA).
RSA’s Luxembourg office opened in September 2018 to provide a hub for RSA in Europe post-Brexit. Following the transfer, RSAL will become the new EU head office of RSA’s branches in Belgium, France, Germany, the Netherlands and Spain, allowing each to focus on their core businesses without experiencing any disruption.
Richard Turner, CEO of RSA Luxembourg, said:
“Achieving Court approval of our Part VII transfer was a key milestone in our plan to secure a business-as-usual approach for our customers and brokers following the UK’s departure from the European Union.
The transfer to RSA Luxembourg will minimise disruption to our business with EU-based customers and ensure we are best placed to serve UK customers’ needs in Europe.”
With a 300-year heritage, RSA is one of the world’s leading multinational insurance groups. Today, RSA employ around 23,000 people, serving 17 million customers in around 140 countries. While RSA's origins lie in London, RSA is a global company with businesses in both mature and emerging markets. RSA have major operations in the UK, Ireland, Scandinavia, Central and Eastern Europe, Canada, Asia, the Middle East and Latin America. youTalk-insurance sharing insurance news and video.
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