UK-based insurance giant AIG is planning to divide its operations in Europe in two – one office serving Britain and the other serving continental Europe – in preparation for Brexit. The US company currently writes policies for both territories from the UK, its biggest European market. In a letter sent on Wednesday to EU officials, AIG’s chief executive, Bob Diamond, said that it was “working with our UK business partners to explore options for an orderly exit of the UK”. “This is a decisive move that ensures AIG is positioned for whatever form the UK’s exit from the EU ultimately takes,” said Anthony Baldwin, chief executive of AIG Europe. Lloyd's of London is expected to announce its Brexit plans next month after saying it would open a European office.
UK-based insurance giant AIG is planning to divide its operations in Europe in two – one office serving Britain and the other serving continental Europe – in preparation for Brexit. The US company currently writes policies for both territories from the UK, its biggest European market. It plans to locate its EU base in Luxembourg. “This is a decisive move that ensures AIG is positioned for whatever form the UK’s exit from the EU ultimately takes,” said Anthony Baldwin, chief executive of AIG Europe. Lloyd's of London is expected to announce its Brexit plans next month after saying it would open a European office.