With the future of passporting rights in turbulent waters as Britain bids farewell to the European Union, specialist marine and energy insurer Standard Club is sailing to Dublin.
Just two days ago we broke the news that
North P&I Club is establishing a subsidiary insurance firm in Ireland to underwrite future European Economic Area business effective February 20, 2019. Now it’s been revealed that its fellow UK protection and indemnity (P&I) club has picked the same destination.
“We have concluded that Dublin offers the best location to serve European members post-Brexit,” said Standard Club chief executive Jeremy Grose, as quoted by
Reuters. “The tax, regulatory, and legal regimes are similar to the UK, which means that the transition will be easier to manage than some of the other competing locations.”
North P&I Club cited pretty much the same reasons when it announced its post-Brexit move. Meanwhile the
UK P&I Club expects to make an announcement before 2018.
“The legal consequence of Brexit is that UK financial service providers lose their EU passport,” said EU chief negotiator Michel Barnier this week. “This passport allows them to offer their services to a market of 500 million consumers and 22 million businesses.”
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