UK ship insurer North plans to start EU subsidiary in Ireland amid Brexit fears
London — British ship insurer North is setting up a new EU subsidiary in Dublin in case Britain loses access to the single market after Brexit, becoming the first of these specialised providers to announce such a move.Insurers are making contingency plans after Britain’s vote to leave the EU means they could risk losing "passporting" rights that allow UK financial services firms to trade in Europe without the need for locally regulated entities.Britain dominates the global marine insurance market and losing access to specialist Protection and Indemnity (P&I) clubs such as North could weaken other parts of the country’s multibillion-pound shipping services sector.North P&I club said on Monday that due to regulatory uncertainty "and a realistic prospect" that passporting rights could be lost as early as in March 29 2019, if Britain leaves the EU as expected, its board had agreed that a subsidiary insurance company should be established in Ireland to underwrite all future business in t...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.