Chubb Ltd. said Monday it plans to locate its European Union headquarters in France if the United Kingdom leaves the EU as expected in March 2019.
Chubb joins a number of other insurance companies planning to set up operations in Europe following the 2016 referendum in which voters in the United Kingdom elected to leave the European Union.
“Locating our European Union headquarters in France post-Brexit is a clear choice for us,” said Evan G. Greenberg, Chubb chairman and CEO, said in a statement. “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.
Joseph Wayland, executive vice president and general counsel, said in a statement that “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.”
The decision is contingent on receiving all necessary regulatory and other governmental approvals, Chubb said. Post-Brexit, Chubb will continue to have a presence in London in addition to its offices and operations across the U.K. and EU, the company said.
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