Provider of P&I insurance and related services to the global shipping industry, UK P&I Club, has announced plans to establish a subsidiary in the Netherlands amidst continued uncertainty surrounding the UK’s vote to leave the European Union (EU).
The announcement comes shortly after North P&I Club and Sunderland Marine announced the formation of an Irish subsidiary in response to Brexit, and sees UK P&I Club join a growing list of companies taking measures to ensure business continuity in a post-Brexit world.
The process of launching a Netherlands subsidiary is already underway, and the company expects this to be completed in 2018.
Commenting on the announcement, Chief Executive Officer (CEO) of Thomas Miller P&I, Hugo Wynn-Williams, said; “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. The Club remains committed to doing business within Europe.”
He explained that the Netherlands was a suitable location for its EU subsidiary owing to its transport links, closeness to major markets, use of English for business, stable business environment, and its ideal regulatory landscape.
“The new subsidiary will also be in a position to front for other Thomas Miller managed clubs affected by Brexit. As a result, this will enable costs to be shared, providing the most efficient solution to continuing operations in Europe,” said Wynn-Williams.
