Chubb chooses location for post-Brexit EU headquarters
Insurance group Chubb has chosen Paris, France as the location for its post-Brexit EU headquarters.
The company has bucked the trend set by many of its peers, which have largely opted for Belgium or Luxembourg for their new European hubs.
Like many large global insurers, such as AIG and QBE, Chubb currently headquarters its European business in London.
The insurer said it would continue to have a “substantial presence” in London post-Brexit in addition to its officers and operations across the UK and EU.
Chubb chairman and chief executive Evan Greenberg said: “Locating our European Union headquarters in France post-Brexit is a clear choice for us.
“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.”
He added: “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.”
Chubb general counsel Joseph Wayland said: “We have been encouraged by the assistance and cooperation provided by the French government as we have considered our post-Brexit options and we look forward to working closely with the French authorities as we move forward on this project.
“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.”