U.S. insurer AIG which currently writes business in Europe from UK-based insurance company AIG Europe Ltd, and has branches across the EEA and Switzerland, is looking at Luxembourg for its second subsidiary.

AIG joins a growing list of finance industry companies that have said they may have to shift some operations to continental Europe to maintain links to customers after Brexit.

“This is a decisive move that ensures AIG is positioned for whatever form the UK’s exit from the EU ultimately takes,” Chief Executive Anthony Baldwin said in a statement.

The proposed restructuring is expected to complete in the first quarter of 2019, the company said.

(Reporting by Sweta Singh in Bengaluru; Editing by Martina D’Couto)