AIG mulling moving European headquarters out of London due to Brexit

US insurance giant AIG could move its European headquarters out of London to the continent or Ireland should the UK's planned departure from the EU go ahead, a senior executive for the firm has said.

Britain voted to leave the European Union in June of this year, and several multinational businesses have expressed concern about the result, potentially threatening to shift operations from the capital.

Chief executive of AIG Europe Anthony Baldwin told the Association of British Insurers' conference that there will come a time when the confusion surrounding the Brexit process will have a practical effect on business.

"At a certain point in time you have to pull the trigger in the absence of any clarity on where negotiations are going with the transition period," said Baldwin.

The executive was then asked about whether AIG might transfer its headquarters in London to somewhere like Dublin, Paris or Frankfurt, he was clear with his answer.

"Yes, we might take that decision," he confirmed. AIG moved its European centre to London from Paris five years ago, and Baldwin said that that experience would make the process a lot easier.

"We will always continue to have a big London hub but we might have a European headquarters elsewhere," he added.