AIG to restructure European operations as Brexit loomsPosted On: Mar. 8, 2017 8:50 AM CST
(Reuters) — American International Group Inc. said it intends to have two insurance subsidiaries in Europe to continue operation of its business across the European Economic Area and Switzerland once the United Kingdom leaves the European Union.
AIG, which currently writes business in Europe from U.K.-based subsidiary AIG Europe Ltd. and has branches across the EEA and Switzerland, is looking at Luxembourg for its second subsidiary.
The EEA consists of the 28 countries in the European Union, plus Iceland, Lichtenstein and Norway.
AIG joins a growing list of finance industry companies that have said they may have to shift some operations to continental Europe to maintain links to customers after Brexit.
“This is a decisive move that ensures AIG is positioned for whatever form the U.K.’s exit from the EU ultimately takes,” Chief Executive Anthony Baldwin said in a statement.
The proposed restructuring is expected to complete in the first quarter of 2019, the company said.