April 19, 2018 / 2:23 PM / in 3 months

AIG to transfer European business to new UK, Luxembourg units

(Reuters) - American International Group Inc (AIG.N) said it has formed two new entities in Luxembourg and the UK to ensure little disruption to the company’s insurance coverage in Europe when Britain exits the European Union.

American International Group Inc. (AIG) headquarters seen on the day of the company's 2017 annual shareholder meeting at 175 Water Street, New York, U.S., June 28, 2017. REUTERS/Suzanne Barlyn/File Photo

The insurer currently writes business in Europe from UK-based insurance company AIG Europe Ltd, and has branches across the European Economic Area and Switzerland.

AIG said it would transfer AIG Europe Ltd’s existing insurance business to the UK and Luxembourg units.

“The great advantage of the restructuring route we have chosen is that it will give clients certainty that whatever the other unknowns of Brexit for their businesses, their European insurance coverage has been Brexit-proofed,” AIG Europe Ltd Chief Executive Officer Anthony Baldwin said in a statement.

AIG joins a growing list of financial companies that plan to shift some operations to continental Europe to maintain links to customers after Brexit.

The new AIG companies will begin writing business Dec. 1.

Reporting By Aparajita Saxena in Bengaluru; Editing by Anil D'Silva

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