Chubb has announced its intention to establish an EU headquarters in France if the UK leaves the European Union.
Chubb chairman and CEO Evan Greenberg said that selecting France as its preferred post-Brexit headquarters for its Continental European operations was a “clear choice” for company.
"Paris is the principal office for our Continental European operations and 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,” he said.
"Our many years of experience in the French market and working closely with the French regulators gives us great confidence in making this decision and reinforces our commitment to our staff, clients and distribution partners in both France and across the Continent,” Greenberg concluded.
Chubb executive vice president and general counsel Joseph Wayland added: "We have been encouraged by the assistance and cooperation provided by the French government as we have considered our post-Brexit options and we look forward to working closely with the French authorities as we move forward on this project."
Post-Brexit, which is expected to happen in March 2019, Chubb said it will continue to have a substantial presence in London in addition to its offices and operations across the UK and EU.
Chubb’s choice of France has bucked the trend, with several carriers selecting Luxembourg as the preferred destination for post-Brexit hubs as they look to safeguard access to the EU.
Chubb said that the establishment of the new EU headquarters is contingent on receiving all necessary regulatory and government approvals.