Following this key milestone in North’s Brexit contingency plan, formal authorisation from the CBI (effective from 31st December, 2018) allows North to continue its European operations after the expected loss of existing EU financial services ‘passporting’ rights when the UK leaves the EU on 29th March, 2019.
From 20th February, 2019, members and policyholders with an European Economic Area (EEA) place of management will be insured by North of England P&I DAC and all documentation for EEA insurance business (including certificates of entry and blue cards) will be issued and administered by that company.
This will apply to all classes of business previously underwritten by North and its subsidiary Sunderland Marine, including P&I, FD&D and Hull.
Members and policyholders with a non-EEA place of management will continue to be insured by North and Sunderland Marine.
A North of England P&I DAC board has been established, with chairman Pratap Shirke, complementing his current role as Chairman of North.
Paul Jennings & David Bruce are executive directors, while Caitríona Somers and Rachel Panagiodis are acting as two local independent non-executive directors and existing Group directors, Peter Johnson and Alexander Lynch, are acting as non-executive directors.
The company’s head office in Dublin will be managed by a team of senior executives who have already transferred from North’s UK Newcastle, Tyneside headquarters.
Recruitment for support roles within the office is underway and a total of eight people will be based in Dublin when the office reaches its full staff complement during the middle of this year.
Paul Jennings, North’s CEO and chairman of the International Group of P&I Clubs, said, “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 29th 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. The establishment of our subsidiary in Ireland is a significant development in the life of the Club and I’d like to acknowledge the contributions of Chris Owen (Group General Counsel), Michael Easom (project manager) and the rest of our team in delivering a successful outcome,” he concluded.