Japanese insurer Aioi Nissay Dowa Insurance (ADI), the subsidiary of MS&AD Insurance, has become the latest carrier to announce plans to set up an EU hub in Luxembourg in response to Brexit.
In a statement, MS&AD said it will restructure its European business organisation and move Aioi Nissay Dowa Insurance Company of Europe Limited (ADE) to Luxembourg as an insurance company in continental Europe.
Further to the move to Luxembourg, the company announced it would establish Aioi Nissay Dowa Europe (ADE HD) as a holding company in Britain in February 2018, as well as Aioi Nissay Dowa Insurance (UK) a new UK-based insurance company in September 2018.
Mike Swanborough will act as CEO for both of these units.
Both the new UK insurer and the unit moving to Luxembourg will be subsidiaries of the new UK-based holding company.
Aioi join the likes of, AIG, CNA Hardy, FM Global, Liberty, Hiscox, RSA and Tokio Marine in selecting the Grand-Duchy as the location of post-Brexit EU bases.