Japanese insurer, Aioi Nissay Dowa Insurance (ADI), has today become the latest leading global financial institution to announce plans to establish its European subsidiary in Luxembourg following the UK’s decision to leave the European Union.
Aioi Nissay Dowa Insurance is part of MS & AD, one of Asia’s largest insurers, and joins AIG, FM Global, CNA Hardy, Hiscox, RSA, Liberty Mutual as well as Japan’s Tokio Marine in choosing Luxembourg as their new base to ensure that they can continue to serve their European client base without disruption.
It also becomes the latest Japanese financial group to set up in Luxembourg, where six Japanese banks have been operating for years.
In a press statement, MS & AD announced today it will restructure its European business organization and move Aioi Nissay Dowa Insurance Company of Europe Limited (ADE) to Luxembourg as an insurance company in continental Europe.
Nicolas Mackel, CEO of Luxembourg for Finance, said: “We welcome the decision by Aioi Nissay Dowa. It will further enrich Luxembourg’s financial services ecosystem already composed of six leading Japanese banks and now two major Japanese insurance companies. We are delighted that increasing numbers of leading global financial institutions are recognising the benefits of the country’s long-term stability and world-class, international expertise.”