UK P&I Club names its post-Brexit pick

Top marine insurer is setting sail – but not to Dublin or Luxembourg like most

UK P&I Club names its post-Brexit pick

Insurance News

By Terry Gangcuangco

We recently told you about two British protection and indemnity (P&I) clubs who have chosen Ireland as their European Union base, in response to the UK’s decision to leave the Single Market. Now another club has revealed its plans, but it is setting sail in another direction.     

The UK P&I Club, managed by Thomas Miller, has picked the Netherlands. Thomas Miller P&I chief executive Hugo Wynn-Williams said the process of establishing its new European subsidiary is already underway.

“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 of where their ships are registered,” noted the CEO. “The Club remains committed to doing business within Europe.”

Describing the Netherlands as “the optimal jurisdiction” for the subsidiary, Wynn-Williams cited the following attributes: convenient location with “excellent” transport links; proximity to major markets; stable business environment; use of English for business; and a regulatory system which he said provides the best fit for the mutual marine P&I organisation’s operational model.

“The new subsidiary will also be in a position to front for other Thomas Miller-managed clubs affected by Brexit,” continued Wynn-Williams. “As a result, this will enable costs to be shared, providing the most efficient solution to continuing operations in Europe.”

EU chief negotiator Michel Barnier previously stressed that “Brexit means Brexit, everywhere,” saying the UK is bound to lose the benefits of the Single Market.

Related stories:
Lockton examines Dublin for EU base - reports
Sompo International announces plans for post-Brexit move


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