North P&I has become the first UK P&I Club to confirm post-Brexit trading arrangements. Its subsidiary in Ireland, North of England P&I DAC, has received authorisation as a non-life insurance business from the Central Bank of Ireland (CBI).
The move will allow North to continue its European operations after the expected loss of existing EU financial services passporting rights if the United Kingdom leaves the EU on March 29 this year.
Most other UK-based P&I clubs have made similar arrangements at countries across Europe as Brexit looms.
From February 20, North’s members and policyholders with an European Economic Area (EEA) place of management will be insured by North of England P&I DAC and all documentation for EEA insurance business – including certificates of entry and blue cards – will be issued and administered by that company. This will apply to all classes of business previously underwritten by North and its subsidiary Sunderland Marine, including P&I, FD&D and hull. Members and policyholders with a non-EEA place of management will continue to be insured by North and Sunderland Marine.
Paul Jennings, North’s CEO, commented, “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.”