May 9 Lloyd's of London underwriter Hiscox
has decided to establish a new EU subsidiary in
Luxembourg to underwrite its retail business in Europe following
Britain's vote to leave the European Union, it said on Tuesday.
Hiscox, which underwrites a range of risks from oil
refineries to kidnappings, said the process of establishing the
subsidiary would begin immediately and that it expected to
complete the restructuring well in advance of March 2019.
"Luxembourg was selected for its pro-business position,
strong financial services experience and well-respected
regulator, and is close to many of our major markets," Hiscox
said in a statement.
The company had told Reuters in February that it was in
talks with regulators in Luxembourg and Malta over setting up a
new insurance base to service EU clients after Britain leaves
(Reporting by Esha Vaish in Bengaluru; editing by Jason Neely)