Insurer Chubb, which has a counts ultra high net worth individuals amongst its client base, is to locate its European Union headquarters in France if the UK leaves the EU as expected in March 2019.
According to a statement from the insurer, the decision to choose France as its post-Brexit headquarters for its Continental European operations is contingent on receiving all necessary regulatory and other governmental approvals.
Evan Greenberg, chairman and chief executive of Chubb, said the intended move is “a clear choice for us”. He added: “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.
“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.”
Executive vice president and general counsel, Joseph Wayland, noted that the firm has 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”.
Chubb will continue to have a ‘substantial’ presence in London in addition to its offices and operations across the UK and EU post-Brexit. The company operates in 54 countries and provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a range of clients.
The insurer also provides motor, jewellery and fine art and homes and contents cover for ultra high net worth private clients. It has executive offices in Zurich, New York, London and various other locations, employing circa 31,000 people.