UK-based ship insurer North P&I has received authorisation from the Central Bank of Ireland (CBI) for establishing its subsidiary in Ireland.
The new subsidiary, North of England P&I DAC, is expected to help the company to continue to trade with other European Union (EU) countries if the UK leaves the EU on 29 March.
The company will be able to continue to conduct its operations in the EU in the event of losing ‘passporting’ rights due to Brexit.
North of England P&I DAC is scheduled to handle the members and policyholders with a European Economic Area (EEA) place of management from 20 February. The company will also be responsible for all documentation for EEA insurance business such as certificates of entry and blue cards.
North of England P&I DAC will look after all the business previously supported by North and its subsidiary Sunderland Marine, including P&I, FD&D and Hull.
However, North and Sunderland Marine will continue to insure members and policyholders with a non-EEA place of management.
North P&I CEO Paul Jennings said: “North has opened and staffed this new office in Dublin to ensure that North’s members, particularly those whose ships have their place of management within the EEA, can continue to trade with confidence after Brexit on 29 March with no change to the excellent service levels currently delivered by our teams across the club.
“As the first UK-based P&I Club to confirm its post-Brexit trading arrangements, I am confident that this new subsidiary will continue to build upon our long tradition of delivering excellent service to our members around the world.”
North P&I CEO current chairman Pratap Shirke has been appointed as the chairman of the North of England P&I DAC Board.
A group of senior executives from North P&I’s UK-based headquarters in Newcastle will manage the head office of the new subsidiary in Dublin, Ireland.