British ship insurer UK P&I Club has secured approval from the Dutch regulator to establish a subsidiary in Rotterdam, the Netherlands to access the European market post-Brexit.
Known as UK P&I Club N.V. (UKNV), the new arm will ensure that UK Club, along with other Thomas Miller managed Clubs, can continue to serve members after Britain exits from the European Union.
The UKNV Rotterdam office will be managed by CEO Hugo Wynn-Williams, CFO Paul van den Brom and chief risk officer Rene Doff.
Additionally, the UKNV Supervisory Board includes five members; two local Members and three from the UK (Europe) Board and Members’ Committee.
Wynn-Williams said: “We have been assiduous in our planning to ensure the UK P&I Club, together with other Thomas Miller managed clubs, are able to continue our European operations once the UK leaves the EU.
“With the expected loss of passporting rights, we have put these plans in place to ensure our Members can continue to conduct their business with little or no disruption.”
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UK P&I Club is the second specialist protection and indemnity club that has established a post-Brexit hub. In January, its rival club North obtained regulatory approval for its Dublin subsidiary.