Yet another major insurance firm in the UK is reportedly snubbing Ireland as the potential location of its post-Brexit base.
After failing to lure AIG and Lloyd’s of London, Ireland is set to suffer another huge blow as insurer RSA, which also has branches throughout Canada, has decided not to establish its new EU outpost in the country.
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Citing industry sources, The Sunday Times reports that RSA is now leaning towards Luxembourg or Copenhagen after initially shortlisting Dublin.
RSA has yet to comment on the news, but in its 2016 financial report released on March 22, the company played down Brexit’s potential impact on the business.
The insurer said it is “shielded from any substantive impact” because of its non-sterling profits and legal group structure which comprises regulated European subsidiaries.
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“The vast majority of business written within the ‘27 remaining countries’ of the EU is written by subsidiaries domiciled in these countries,” said the insurance firm.
“The majority of the Group does not rely on Freedom of Services ‘EU passporting’ to transact a significant amount of business,” RSA also said.
“Although the Group may need to apply for some additional licences following Brexit, it is not currently anticipated that the Group will need to make wholesale changes to the structure of its operations.”
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