March 8, 2017 / 1:51 PM / a year ago

U.S. insurer AIG to set up EU subsidiary in Luxembourg

LONDON, March 8 (Reuters) - U.S. insurer AIG plans to set up a European Union subsidiary in Luxembourg, as well as keeping operations in Britain, it said on Wednesday.

"This is a decisive move that ensures AIG is positioned for whatever form the UK's exit from the EU ultimately takes," Anthony Baldwin, Chief Executive of AIG Europe said in a statement.

AIG said the proposed changes were expected to be completed in the first quarter of 2019, subject to regulatory approval. (Reporting by Carolyn Cohn; editing by Simon Jessop)

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