rss icon Subscribe
desktop mobile

London P&I Club Setting up Cyprus Office over Brexit

By Jonathan Saul

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.

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.

"We have … chosen 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.

London Club is one of 13 major global P&I insurers and Europe accounts for over 60 percent of the group's activities.

The six P&I clubs regulated in Britain are estimated to account for over half the revenue of an industry that insures about 90 percent of the world's ocean-going tonnage.

The other five clubs have opted for European hubs in Holland, Ireland and Luxembourg.

Many of these clubs - owned by shipping companies - have been an integral part of the City of London for nearly two centuries, insuring ocean going ships against pollution and injury claims, typically the biggest costs when a vessel sinks.

Hull and machinery cover, which protects vessels against physical damage, is provided separately by other marine insurers.


(Editing by Kirsten Donovan)

Jul 20, 2018

 

Insurance

VLCC Explodes off Oman Coast

© Rudi Hansen / MarineTraffic.com

A Shipping Corporation of India very large crude carrier (VLCC) has suffered an explosion in one

Cargo Ship Collides with Yacht off England

Two sailors have been rescued after their yacht collided with a cargo ship off Dungeness, Kent.HM Coastguard received a Mayday from the yacht following the collision which

North P&I Club, 24Vision Sign Partnership Agreement

Photo: North P&I Club

North P&I Club and 24Vision announced today that they have entered into a partnership agreement

Finance

Oil Companies Make Few Bids in US Offshore Lease Auction

© flyingrussian / Adobe Stock

Oil companies bid on less than 1 percent of the parcels offered in a sweeping U.S.

Baltic Index Gains on Higher Rates Across Segments

sergeevspb / Adobe Stock

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk

'Hyundai Town' Grapples with Slowed Shipyard and Grim Future

(Photo: Hyundai Heavy Industries)

When Lee Dong-hee came to Ulsan to work for Hyundai Heavy Industries five years ago

Maritime Apps