Following the result of the UK referendum on membership of the EU in July 2016, North and Sunderland Marine have been developing contingency plans to ensure that both companies continue to have access to EU markets.
North and Sunderland Marine currently rely on EU passporting rights to insure risks located in the European Economic Area (EEA). Details of the future UK/EU trading relationship and its implementation are currently unknown and subject to ongoing negotiations between the EU and the UK government. However, the club’s expectation is that its existing passporting rights will ultimately be lost either immediately upon termination of the UK’s EU membership or at the end of any agreed transition period.
Due to the ongoing uncertainty surrounding the future regulatory landscape, and a realistic prospect that passporting rights could be lost as early as 29 March 2019 on expiry of the current two year Article 50 notice period, the club is forming a subsidiary insurance company in the Irish capital, Dublin, to underwrite all future EEA business of North and Sunderland Marine with effect from 20 February 2019.