CNA Hardy the latest to reveal new European home

06 Juin, 2017, 18:13 | Author: Marc Bacque

This time it is the turn of CNA Hardy, a specialist commercial insurance provider - it, much like RSA and AIG, will set up a new European subsidiary in Luxembourg.

"We are in the business of providing certainty for our customers, and in an increasingly uncertain political environment, we must ensure we act now to provide continuity to our employees, customers and brokers", CEO David Brosnan said in a press release.

The process of setting up the subsidiary is already under way, and is expected to complete by early 2019, it said.

"After the result of the referendum previous year, we began planning to ensure we maintained our ability to write and service European Union business", said Dino Robusto, chairman and CEO of CNA.

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The CEO of CNA Hardy explained that the Grand-Duchy was the "optimum jurisdiction" for its new European Union base due to its central geographical location, stable economic and political environments, and "professional approach of the Luxembourg regulator".

"We are committed to our operations within Europe, and building upon our global reach", he said.

The firm said it would hire a local management team in Luxembourg to handle risk, finance and compliance functions. "Establishing a new subsidiary in Luxembourg will enhance our ability to do just that".

CNA Hardy is part of CNA Financial Corp, the US-based commercial property and casualty insurance firm. Limited, independent wholly-owned United Kingdom subsidiaries, provides commercial insurance for clients within both the Lloyd's and company markets.

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