LONDON (Reuters) - Specialist ship insurer UK P&I Club plans to set up a subsidiary in the Netherlands as a result of Britain’s decision to leave the European Union, it said on Friday.
“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,” Hugo Wynn-Williams, chief executive of UK P&I Club manager Thomas Miller, said in a statement.
A UK P&I spokeswoman declined to say which city had been chosen or to provide any details about whether staff would be moved.
There are 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.
P&I clubs North and Standard said this week they would set up subsidiaries in Dublin.
Dublin, Luxembourg and Brussels have been most successful so far in wooing insurers setting up EU hubs.
But other P&I clubs along with other insurance firms are also considering the Netherlands, sources say.
The other three UK-regulated P&I clubs, Britannia, London and Steamship, have not yet announced their plans.
Reporting by Carolyn Cohn; editing by Simon Jessop and Jason Neely