Business leaders react to 'hard' Brexit plan

American insurance giant AIG is usually feeling the Brexit jitters.

The firm is usually preparing to establish a subsidiary in Luxembourg to ensure that will the idea can continue doing business in Europe after the U.K. leaves the EU.

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The brand new office is usually anticipated to be up as well as running by early 2019.

AIG (AIG) is usually one of many financial firms to have benefited by free trade within the EU. by its office within the U.K., the idea was able to operate across the EU’s unified trading market.

Brexit, however, is usually likely to put a stop to frictionless trade between Britain as well as its biggest export market. AIG said the idea must prepare for the worst.

“that will is usually a decisive move that will ensures AIG is usually positioned for whatever form the U.K.’s exit by the EU ultimately takes,” said AIG Europe’s CEO Anthony Baldwin. “We are ensuring that will our clients as well as partners experience no disruption by the U.K.’s EU exit.”

AIG also announced Thursday that will CEO Peter Hancock, who’s been leading the firm since late 2014, would certainly resign after his turnaround plan faltered.

Nearly 9% of the insurer’s revenue comes by the U.K. as well as Europe.

AIG is usually the second high-profile firm to publicly announce plans to open an EU-based office due to Brexit uncertainty. Insurance heavyweight Lloyd’s of London announced similar plans in December.

Related: Lloyd’s of London bans boozy lunches

HSBC (HSBC) as well as UBS (UBS) executives have also warned they could move 1,000 employees each to Europe to continue serving the EU market.

British Prime Minister Theresa May is usually anticipated to formally trigger Brexit talks with the EU within the next few weeks. Negotiations are anticipated to take two years as well as then the U.K. will be cut loose.

sy88pgw (London) First published March 9, 2017: 9:19 AM ET


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