AFPGlobal insurance giant Chubb Limited has announced that it plans to shift its European headquarters from London to Paris upon Britain's exit from the European Union, expected in March 2019. The insurer, which employs 31,000 worldwide, said moving the centre to Paris made sense given that the French capital is already a major base for Chubb. Picking Paris was a "clear choice," said chief executive Evan Greenberg, noting that it already is home to Chubb's Continental European headquarters and a place where the company has extensive history. The Chubb news is a win for French President Emmanuel Macron, who has courted large banks that need to relocate London staff handling EU work when Brexit is finalised. Chubb, which is based in Switzerland but trades on the New York Stock Exchange, has headquartered its EU, and Central and Eastern Europe coverage in London.

Source: The Local September 12, 2017 08:37 UTC