LONDON, Nov 21 (Reuters) - British ship insurer Standard Club is setting up a new European Union subsidiary in Dublin in case Britain loses access to the single market after Brexit, becoming the second of these specialised providers to opt for Ireland.
“We have concluded that Dublin offers the best location to serve European members post-Brexit,” Standard Club’s chief executive Jeremy Grose said in a statement on Tuesday.
On Monday, North P&I Club, another UK regulated ship insurer, said it had chosen Dublin as its EU subsidiary.
Insurers are making contingency plans after Britain’s vote to leave the EU means they could risk losing “passporting” rights that allow UK financial services firms to trade in Europe without the need for locally regulated entities. (Reporting by Carolyn Cohn and Jonathan Saul, editing by Louise Heavens)