Industry & Business

Luxembourg and not Dublin for AIG’s post-Brexit EU base

 Breaking News
  • Fine Grain Property acquires 60,000 square feet office development in Cork Airport Business Park New Year, new acquisition! Fine Grain Property is delighted to announce it has acquired a 60,000 square feet office development in Cork Airport Business Park. Plans are already afoot to carry out some important improvements to the Building that will benefit its existing tenants, including Aviva, Aon Hewitt, JLT and Genesis. In addition, a significant [...]...
  • Irish Technology Sector Has Overtaken Agriculture With 130,000 people now employed, the technology sector has overtaken agriculture as Ireland’s largest industry, according to Ken Finnegan (pictured above), formerly Chief Technology and Research Advisor for IDA Technology Ireland and now Director of Technology & Innovation for the about to be opened Harbour Innovation Campus at Dún Laoghaire. About 15,000 of these tech [...]...
  • 2018 Research and Innovation Conference & Exhibition Provides Insight into the R&D and Innovation Ecosystem in Ireland Designed to foster collaboration between industry, academia and government agencies, the 2018 Research and Innovation Conference & Exhibition attracted over 1,000 visitors from across the major industrial sectors in Ireland to the Citywest Hotel, Dublin, on Wednesday, March 14th. The visitors who braved the inclement weather were able to meet with the key organisations that are [...]...
  • Dunnes Stores Comes Out on Top of a Growing Grocery Market The latest grocery market share figures from Kantar Worldpanel in Ireland, for the 12 weeks ending 25 February 2018, show continued positive momentum among Irish supermarkets, with growth hitting 3.9%. David Berry, director at Kantar Worldpanel, comments: “Shoppers have spent an additional €96 million on groceries over the latest 12 weeks compared to last year and two [...]...
  • New Irish Peer-to-peer Energy Trading Research Project Using Blockchain Technology Imagine a future where Irish consumers will be able to gift or sell their solar power across their neighbourhood as well as sharing and managing their own electricity in a myriad of new ways. EnerPort, a new project launched at the recent International Energy Research Centre (IERC) Annual Conference, aims to accelerate peer-to-peer energy trading [...]...

Luxembourg and not Dublin for AIG’s post-Brexit EU base

Luxembourg and not Dublin for AIG’s post-Brexit EU base
March 09
09:00 2017

Hopes that global insurer AIG might relocate its European regional HQ to Dublin from London have been dashed, with Luxembourg selected for the switch. This is despite a strong pitch made by the IDA and Government to AIG for Dublin to become the new regional headquarters. It is understood Dublin finished as runner-up to Luxembourg from a shortlist of locations across Europe that the American insurer considered.

AIG Europe chief executive Anthony Baldwin wrote to Minister of State for Financial Services Eoghan Murphy to thank him for his engagement with the firm last year as it weighed up its post-Brexit options. Mr Baldwin told the Minister of State he had been “extremely impressed” by the rigour and experience of the Central Bank and was grateful for the insights shared with the company. “Our Irish business will continue to focus on growth and on meeting the needs of our customers in the Irish market,” he said. “Ireland has much to offer the insurance sector as our industry adapts to the future.”

AIG employs about 400 staff in Ireland across a range of activities including property casualty, IT, treasury and asset management. It also owns health insurer Laya which is number two in the market to State-owned VHI and has more than 450 staff.

In a statement issued on Wednesday, AIG said the move to Luxembourg would ensure the “continued smooth operation of its business across the European Economic Area [EEA] and Switzerland” once the UK leaves the EU.

From 2019, AIG proposes to have two subsidiary insurance companies in Europe – one in the UK to write local business and one in Luxembourg to write EEA and Swiss business, which will have branches across the region. AIG currently writes business in Europe from a single insurance company based in the UK, AIG Europe Limited.

About Author



Related Articles

New Subscriber

Subscribe Here


National Manufacturing Conference & Exhibition 2018

NIBRT Springboard Success Stories

Upcoming Events

  • No upcoming events
AEC v1.0.4