Aioi Nissay Dowa to relocate UK subsidiary post Brexit

November 2 2017 by InsuranceAsia News Staff

Aioi Nissay Dowa Insurance (ADI) unveiled plans to move one of its subsidiaries from London to Luxembourg after Britain’s exit from the European Union.

In a statement, ADI said it will reorganise its European business so it can offer insurance products and services in a stable manner following the Brexit.

From Britain, Aioi Nissay Dowa Insurance Company of Europe (ADE), a subsidiary of ADI, will be transferred to Luxembourg as “an insurance company in continental Europe”.

ADE is engaged in the business of automobile insurance, with its head office presently located in the United Kingdom.

Aside from its plan to transfer to Luxembourg, the firm also intends to establish Aioi Nissay Dowa Europe (ADE HD) as a holding company in Britain in February 2018, as well as Aioi Nissay Dowa Insurance (UK), a new UK-based insurance company, in September 2018.