On November 24, the ship insurer UK P&I Club announced plans to set up its subsidiary hub in Netherlands due to Brexit issue.
Hugo Wynn-Williams, CEO of UK P&I Club and Thomas Miller, manager said in a statement, “Although the precise future trading relationship between the UK and the EU remains uncertain, we are putting arrangements in place that will allow the UK Club to continue to provide cover for our members regardless where their ships are registered”.
Subsidiaries set up in various places:
The company refused to comment on the city it had chosen in Netherlands and details of its respective staff members.
The UK P&I comprises of 13 major global P&I (Protection and Indemnity) clubs, of which six are regulated in Britain and are estimated to account for over half the total market share of an industry that insures about 90 percent of the world’s ocean-going tonnage.
The North branch of the company P&I clubs North and Standard has also revealed to set up a hubs in Dublin. Meanwhile, the company had already established new hubs in Luxembourg and Brussels have been most successful so far in wooing insurers setting up EU hubs.
However, the fate of the other three UK-regulated P&I clubs, Britannia, London and Steamship remains unknown.
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Source: Reuters, UK P&I