ADI to move London subsidiary

Japanese insurer Aioi Nissay Dowa Insurance (ADI) has announced it will move one of its subsidiaries from London to Luxembourg following the Brexit vote.

ADI, which is part of MS&AD Insurance Group, announced in a statement that it would restructure its European business organisation to “provide insurance products and services in a stable manner after Brexit.”

Aioi Nissay Dowa Insurance Company of Europe (ADE), a subsidiary of ADI, will be moved to the Grand-Duchy as an “insurance company in continental Europe.”

ADE operates a business centred on automobile insurance, according to the company’s statement and until now had its head office in the United Kingdom.

Further to the move to Luxembourg, the company announced it would 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.