AIG Opens Office In Luxembourg, Driven By Brexit

In another blow to the economy of the UK in the wake of Brexit, AIG has announced that it will open an insurance company in Luxembourg in order to ensure that it will be able to serve European customers if and when the UK leaves the European Union. AIG would still maintain its office in Britain in order to serve British customers.

The decision is a specific response to Brexit, as the company decided not to put up with the uncertainty of waiting for the exact details of the exit agreement to be worked out. The head of AIG Europe explained, "“This is a decisive move that ensures A.I.G. is positioned for whatever form the U.K.’s exit from the E.U. ultimately takes."

Other UK financial institutions are already moving personnel from the UK over to offices on the Continent in anticipation of the final break from the EU. AIG is not the first and it certainly will not be the last as the slow burn of the Brexit decision consumes parts of the UK economy.