America’s largest general insurance provider announced it will move operations to France after the UK leaves the EU. EURACTIV’s partner La Tribune reports.
This is good news for Paris, who had only been able to capture British bank HSBC. The largest American general insurance company, Chubb, announced on Monday (11 September) it chose France to host its European headquarters after the UK leaves the EU, without adding how many jobs could be moved from London to Paris as a result of the move.
“Having our company seat in the EU after Brexit is a forced choice,” said the Chubb CEO Evan Greenberg.
“Paris already hosts the bulk of our continental activities and we invested a lot both financially and in terms of human resources; we have a varied portfolio of financial activities in commercial and private insurance in all of France,” he said.
The French insurance market is second only to the UK in Europe, and ahead of Germany in terms of annual subscriptions. Accordinf to a study puglished by Insurance Europe, the European federation of insurance and reinsurance, it has reached 210 million euros in 2016.
Chubb’s CEO talked about the “strict collaboration with French financial authorities over the years” (especially the supervisory review and resolution authority, ACPR, attached to the French central bank).
Help from the French government
Specialising in property and casualty insurance, the American company Chubb merged two years ago with the Swiss insurance group ACE. Listed in the New York stock market, where it is has an estimated value of $67 billion (€56 billion), the group is registered in Zurich and is regulated under Swiss law. It employs 31,000 people in 54 contries worldwide.
News source: EURACTIV