The A Bilbrough & Co-managed club is one of the 13 major global P&I insurers and Europe accounts for over 60% of the group's activities.
Britain dominates the global marine insurance market and losing access to specialist Protection and Indemnity (P&I) clubs could weaken its multi-billion pound shipping services sector.
Indeed, many of these clubs, controlled by shipowners, have been an integral part of the City of Londonfor nearly two centuries, insuring ocean going ships against pollution and
injury claims, typically the biggest costs when a vessel sinks.
“We havechosen Cyprus to establish our new post-Brexit EU subsidiary, and we are currently going through the process of setting it up and obtaining the necessary license,” London Club said in a statement.
The six P&I clubs regulated in Britain are estimated to account for over half the revenue of an industry that insures about 90% of the world¹s ocean-going tonnage. The other five clubs have opted for other European hubs in Holland, Ireland and Luxembourg.