AIG To Open Luxembourg Subsdiary To Maintain Access To EU After Brexit

American International Group Inc. said Wednesday it is planning to locate an insurance company in Luxembourg to ensure it maintains access to the European Economic Area and Switzerland after the UK leaves the EU. From 2019, the company will have two subsidiary businesses in Europe, one in the UK to write business there and one in Luxembourg to serve the EEA and Switzerland. "This is a decisive move that ensures AIG is positioned for whatever form the UK's exit from the EU ultimately takes," Anthony Baldwin, chief executive AIG Europe, said in a statement. Shares have gained 22% in the last 12 months, outperforming the S&P 500's 20% gain.