June 6, 2017 / 7:56 AM / 3 years ago

Insurer CNA Hardy picks Luxembourg for post-Brexit EU subsidiary

(Reuters) - CNA Hardy will set up a new European subsidiary in Luxembourg to allow it to operate across the European Union after Britain leaves the bloc, the specialist commercial insurer said on Tuesday.

“Luxembourg is the optimum jurisdiction for our European Union base due to its geographic location between three of our Continental European offices, its stable economic and political environment and the professional approach of the Luxembourg regulator,” the firm said in a statement.

The process of setting up the subsidiary is already underway, and is expected to complete by early 2019, it said.

The firm said it would hire a local management team in Luxembourg to handle risk, finance and compliance functions.

CNA Hardy is part of CNA Financial Corp, the U.S-based commercial property and casualty insurance firm.

Reporting by Noor Zainab Hussain in Bengaluru, Editing by Anjuli Davies

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