The UK P&I Club, the P&I insurance provider to the shipping market, is to establish a new subsidiary in the Netherlands.
“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,” said Hugo Wynn-Williams, CEO of Thomas Miller P&I. “The Club remains committed to doing business within Europe.
“The Netherlands is, in our view the optimal jurisdiction for the Club’s European Union subsidiary due to its convenient location with excellent transport links, its proximity to major markets, stable business environment, use of English for business, and a regulatory system which provides the best fit for our operational model.”
The Club said that the new subsidiary will also be in a position to front for other Thomas Miller managed clubs impacted by Brexit.
“As a result, this will enable costs to be shared, providing the most efficient solution to continuing operations in Europe,” added Wynn-Williams. “The process of establishing a subsidiary is already underway, and expected to be completed during 2018.”