Japanese insurer Aioi Nissay Dowa Insurance has announced that it will move one of its subsidiaries from London to Luxembourg ahead of Britain exiting the EU.
Aioi Nissay Dowa, which is part of MS&AD Insurance Group, said in a statement yesterday that it will restructure its European business organisation to provide insurance products and services “in a stable manner” after Brexit.
Aioi Nissay Dowa Insurance Company of Europe, a subsidiary, will be moved to Luxembourg as an "insurance company in continental Europe". This subsidiary operates a business centred on automobile insurance.
Further to the move to Luxembourg, Aioi Nissay Dowa Insurance announced it would establish Aioi Nissay Dowa Europe 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.
Aioi Nissay Dowa joins another Japanese insurance group Tokio Marine in choosing Luxembourg as a post-Brexit EU base. Sompo Japan Nipponkoa Insurance is considering a similar move.