(Reuters) – British ship insurer UK P & I Club has received approval from the Dutch regulator for a new subsidiary in Rotterdam to ensure continued access to trade in the European Union if Britain loses access to a single market, Tuesday.
UK Club is the second specialist Protection and Compensation, or P & I Club to announce regulatory approval for Brexit Trade Agreements in the EU. Rival club North said in January that it was green light for its subsidiary in Dublin from the Irish Central Bank.
P&I clubs – jointly owned by their members, shipping companies – have been an integral part of the City of London for nearly two centuries, insuring ocean-going ships against pollution and damages, usually the biggest costs when a ship drops.
"With the expected loss of access rights, we have put these plans in place so that our members can continue to operate with little or no disruption," said Hugo Wynn-Williams, CEO of the new subsidiary.
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Britain dominates the global marine insurance market and losing access to P&I clubs could weaken its multibillion pound shippin services.
Almost three years after the 2016 membership of the EU membership and four days before the UK would leave the block, it is still unclear how, when or even if Brexit will take place, with Parliament and the country still bitterly divided.