Chubb opts for Paris Brexit subsidiary

Chubb has said it will set up a French base for its EU operations if the UK leaves the EU as planned in March 2019.

The decision is still contingent on receiving the relevant regulatory and governmental approvals.

The US insurer said it would maintain a substantial presence in London in addition to its offices and operations across the UK and EU.

“Locating our European Union headquarters in France post-Brexit is a clear choice for us,” Chubb chairman and CEO Evan Greenberg said.

“Paris is the principal office for our Continental European operations and we have a significant investment there in both financial and human resources, as well as a large portfolio of commercial and consumer insurance business throughout France,” Greenberg said.

“Our many years of experience in the French market and working closely with the French regulators gives us great confidence in making this decision and reinforces our commitment to our staff, clients and distribution partners in both France and across the Continent,” he added.

Chubb general counsel Joseph Wayland said he had been “encouraged by the assistance and cooperation provided by the French government” as the insurer considered its post-Brexit options.

“We are confident that locating our EU base in Paris will ensure that Chubb is well positioned to serve its clients whatever the ultimate terms of the UK’s exit from the European Union,” he added.