June 6 CNA Hardy will set up a new European
subsidiary in Luxembourg to allow it to operate across the
European Union after Britain leaves the bloc, the specialist
commercial insurer said on Tuesday.
"Luxembourg is the optimum jurisdiction for our European
Union base due to its geographic location between three of our
Continental European offices, its stable economic and political
environment and the professional approach of the Luxembourg
regulator," the firm said in a statement.
The process of setting up the subsidiary is already
underway, and is expected to complete by early 2019, it said.
The firm said it would hire a local management team in
Luxembourg to handle risk, finance and compliance functions.
CNA Hardy is part of CNA Financial Corp, the
U.S-based commercial property and casualty insurance firm.
(Reporting by Noor Zainab Hussain in Bengaluru, Editing by