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AIG sets up new companies in UK and Luxembourg as part of Brexit strategy

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American International Group (AIG) has authorised two new insurance companies in the United Kingdom (UK) and Luxembourg, with all business due to be transferred to the new entities ahead of the UK leaving the European Union (EU).

AIG says this provides clients certainty of uninterrupted UK and European insurance coverage as part of AIG’s planned restructure of its European business.
 
AIG Europe Limited began active preparation to be Brexit-resilient in 2015, and has taken a leadership position in the industry with its Brexit restructuring plans. The restructure involves the transfer of AIG Europe Limited’s existing insurance business to the new UK and European companies and the merger of its existing carrier, AIG Europe Limited into the new European company.
 
Anthony Baldwin (pictured), Chief Executive of AIG Europe Limited, says: “We set a number of guiding principles from the very start as to how AIG would address Brexit. First amongst these was minimising disruption to clients. The great advantage of the restructuring route we have chosen is that it will give clients certainty that whatever the other unknowns of Brexit for their businesses, their European insurance coverage has been Brexit-proofed. We have already established a platform in Europe for writing future new business and renewals, and by transferring our existing business, AIG will remove uncertainty for clients, including not being reliant on the development of a grandfathering regime for existing contracts.”
 
The restructure leverages AIG’s extensive European footprint to ensure that it will have the most appropriate structure from which to serve clients and partners after Brexit, regardless of the future relationship between the UK and the European Union. It is expected to take effect, and the new companies to begin writing business, from 1 December 2018.

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