(Reuters) - British insurer RSA (L:RSA) followed rivals on Monday in announcing plans to set up a subsidiary in Luxembourg to act as the headquarters of its European Union operations following Britain's decision to leave the bloc.
Insurers are setting up regulated EU subsidiaries in case Britain does not have access to the single market after Brexit.
Below are plans for EU subsidiaries proposed by insurers:
ADMIRAL
British motor insurer Admiral Group Plc (L:ADML) said last year it could move its European business to Ireland or another country. It said earlier this year it was looking at a large number of locations and expected to make a decision within two months.
AIG
U.S. insurer AIG (N:AIG) said in March it will set up a European subsidiary in Luxembourg, in addition to its European headquarters in London.
BEAZLEY
Lloyd's of London insurer Beazley Plc (L:BEZG) said last year it had filed an application with the Central Bank of Ireland to get approval for its Irish reinsurance business to become a European insurance company. The firm said in February it will hire additional staff in Ireland.[nL4N1FO23J]
CHESNARA
Chesnara Plc (L:CSN), an insurance-focused takeover specialist, already has an insurance company in the Netherlands but could move its headquarters there, depending on the regulatory environment in Britain after negotiations to leave the EU.
FM GLOBAL
U.S. commercial property insurer FM Global is planning a European hub in Luxembourg following Britain's decision to leave the bloc, it said last month.
HISCOX
Lloyd's of London underwriter Hiscox Ltd (L:HSX) will establish a new subsidiary in Luxembourg to underwrite its retail business in Europe, it said in May.
LLOYD'S OF LONDON
Lloyd's of London, an integral part of the British business scene since the 17th century, has chosen Brussels as the site for its EU subsidiary, it said in March.
MARKEL
U.S. insurer Markel (N:MKL) plans to apply for regulatory approval to set up a European Union subsidiary in Munich.
MS AMLIN
Japanese-owned insurer MS Amlin operates under the "Societas Europaea" structure. That makes it relatively easy to move to a different EU jurisdiction if needed, subject to regulatory approval.
ROYAL LONDON
British life insurer Royal London Mutual Insurance Society plans to turn its Irish business into a regulated subsidiary, it said in March.
STANDARD LIFE
British insurer and asset manager Standard Life (L:SL) said in May it was likely to choose Dublin for its EU hub.
XL CATLIN
Bermuda-domiciled insurer XL Catlin (N:XL) said its UK business XL Insurance Company SE has branches across Europe and also operates under the "Societas Europaea" structure.
RSA
RSA is planning a subsidiary in Luxembourg to act as the headquarters of its European Union operations following Britain's decision to leave the bloc. It said it chose Luxembourg because it had "multi-national expertise", was "strategically located within RSA’s existing EU branch network" and had an experienced regulator.
LANCASHIRE
Lancashire (L:LRE) said in May it has options to write EU business out of its Bermuda headquarters or via Lloyd's Of London's
NEON
Neon Underwriting Ltd may set up a Dublin business to sell insurance policies throughout the European Union if Britain loses access to the single market, chief executive of the specialist Lloyd's of London insurer said in December.
LEGAL & GENERAL
British insurer Legal & General (L:LGEN) said in May it will move some of its investment management operations to Ireland to ensure it can continue to serve its customers after Brexit.
AVIVA
Aviva (L:AV) is going through the process of converting its Irish life and general insurance branches to regulated subsidiaries to meet the needs of its Irish insurance customers more effectively after Brexit.