News

Another Japanese Insurer Going To Luxembourg

Japanese insurer MS&AD Insurance Group says that subsidiary Aioi Nissay Dowa Insurance (ADI) will set up overseas subsidiaries and restructure the European business organization.

Aioi Nissay Dowa Insurance Company of Europe (ADE) is a wholly owned subsidiary of ADI, with its head office in the United Kingdom and operating an insurance business in Europe centred on automobile insurance.

In light of the UK’s decision to leave the EU (Brexit), ADI has decided to establish Aioi Nissay Dowa Europe Limited (ADE HD) as a holding company in the UK and to restructure ADI’s European business to provide insurance products and services in a stable manner after Brexit.

ADE will move to Luxembourg as an insurance company in continental Europe.

The group will set up Aioi Nissay Dowa Insurance (UK) Limited (ADE UK) as a new insurance company in the UK.

As this reorganization will involve only the exchange of capital within the ADI group there will be no change in the total capital of the ADI group.

Aioi Nissay Dowa Insurance 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.

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."

Luxembourg for Finance (LFF) is the Agency for the development of the financial centre. It is a public-private partnership between the Luxembourg Government and the Luxembourg Financial Industry Federation (PROFIL). Founded in 2008, its objective is to develop Luxembourg’s financial services industry and identify new business opportunities.

ADE works as a white label insurer, acting on behalf of partners to help them to deliver insurance solutions to their customers.

ADE is also a direct insurer for Japanese related businesses, providing assistance to them for their corporate and employee needs.

It has a subsidiary life company, Aioi Nissay Dowa Life Insurance Europe (ANDLIE) based in Munich, and provides services such as credit life.

The other subsidiary is Toyota Insurance Management (TIM) and provides Toyota's insurance expertise.

As a major global insurer it seeks to expand across new markets and risk types.

 

BREXIT & Insurance News

Log in