International insurer Hiscox is to open a European office in Luxembourg as a response to the UK leaving the EU.
The company said all retail business in Europe would be written through the new office, although existing European business would continue “without interruption”. Its restructuring is expected to be complete “well in advance” of March 2019.
It follows a similar announcement by Lloyd’s of London that it would open a subsidiary in Brussels in 2019 in response to Brexit.
Hiscox previously combined its UK and European businesses at the end of 2013.
The insurer said: “Luxembourg was selected for its pro-business position, strong financial services experience and well-respected regulator, and for its proximity to many of our major markets.”
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