July 20, 2018 / 4:18 PM / 3 months ago

UK ship insurer London Club setting up Cyprus office over Brexit

LONDON (Reuters) - British ship insurer London P&I Club is setting up a new subsidiary in Cyprus to ensure continued access to trade in the European Union in case Britain loses single market access, the group told Reuters on Friday.

“We are currently going through the process of setting it up and obtaining the necessary license,” it said in a statement.

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.

Reporting by Jonathan Saul; Editing by Kirsten Donovan

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