Chubb moves to Paris post-Brexit

Chubb has said Paris was a “clear choice” for its new EU headquarters after Brexit, owing to a significantly large operation in the city. “We have a significant investment there in both financial and human resources, as well as a large portfolio of commercial and consumer insurance business throughout France,” said Evan Greenberg, chief executive of the organisation. “Our many years of experience in the French market and working closely with the French regulators gives us great confidence in making this decision,” he added. Chubb, which employs 3,600 people in Europe, would not say how many extra roles will move to the French capital following its decision, which still needs regulatory approval.

Chubb said to the Financial Times that it would still have a “substantial presence” in London after Brexit. The company has been in the City since 1930 and has its European regional head office there. The UK’s financial regulator has told banks, insurers and investment companies to create contingency plans covering a range of post-Brexit scenarios.

According to analysis from AM Best, the rating agency, 16 insurers have revealed plans to create new EU head offices away from London. Luxembourg has been the most popular destination, attracting six insurers including AIG, UK-based RSA and CNA Hardy. Brussels has secured three insurers including Lloyd’s of London while Dublin has attracted five including Admiral, Standard Life and Beazley.