British ship insurer Steamship opts for Dutch hub as Brexit hedge
▻https://uk.reuters.com/article/uk-britain-eu-insurance-shipping/british-ship-insurer-steamship-opts-for-dutch-hub-as-brexit-hedge-idUKKC
British ship insurer Steamship Mutual plans to set up a new Dutch subsidiary to ensure continued access to trade in the European Union in case Britain loses single market access.
“We are about to apply for a licence to establish a subsidiary company in the Netherlands,” Steamship Mutual’s executive chairman Gary Rynsard told Reuters in an email, adding it would opt for the port city of Rotterdam.
Britain dominates the global marine insurance market and losing access to specialist Protection and Indemnity (P&I) clubs could weaken its multi-billion pound shipping services sector.
Steamship Mutual, which employs around 150 people in the UK, is one of 13 major global P&I clubs and Europe represents more than 30 percent of the insurer’s global business.