With the expected loss of EU financial services “passporting” rights from 29 March 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).
From the date of annual renewals for P&I cover on 20 February, members and policyholders with an EEA (European Economic Area) place of management will be insured by North of England P&I DAC.
The change will apply to all classes of EEA insurance business previously underwritten by North and its subsidiary Sunderland Marine, including P&I, FD&D and Hull.
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Paul Jennings, North’s ceo and chairman of the International Group of P&I Clubs, commented, “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.”
David Bruce, formerly North’s group financial controller, has been appointed ceo of the new company in Dublin.
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