(Bloomberg) – American International Group Inc., the global provider of commercial property-casualty coverage, said it plans to open an insurer in Luxembourg to write business in the European Economic Area and Switzerland once the U.K. exits the European Union.

"This is a decisive move that ensures AIG is positioned for whatever form the U.K.'s exit from the EU ultimately takes," Anthony Baldwin, chief executive officer of AIG Europe, said Wednesday in a statement. "We are ensuring that our clients and partners experience no disruption from the U.K.'s EU exit."

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