LONDON, Nov 21 (Reuters) - Sompo International Holdings, a Bermuda-based unit of Japanese insurer Sompo, is to set up a subsidiary in Luxembourg following Britain’s vote to leave the European Union.
The new entity, SI Insurance (Europe), will offer insurance and reinsurance, Sompo said in a statement late on Monday.
“SI has been formulating a strategy to address issues relating to (Britain‘s) decision to leave the European Union, in particular the potential loss of EU passporting rights,” the firm said, adding that regulatory approval for the Luxembourg firm was expected in the second quarter of 2018.
Luxembourg and Dublin have been the most successful European cities in the race to attract insurers worried about the loss of access to Britain’s single market as a result of Brexit.
Other insurers choosing Luxembourg for their EU hubs include AIG and Tokio Marine.
Ship insurers North Club and Standard Club said this week they were choosing Dublin for their subsidiaries. (Reporting by Carolyn Cohn; editing by Simon Jessop)