Standard Club has become the second UK protection and indemnity (P&I) insurer to announce this week that it will trigger Brexit contingency plans and establish a new base in Dublin.
According to a report in the Irish Times, Standard Club will set up a new subsidiary in Dublin so it can continue underwriting European business and avoid uncertainty over EU passporting rights.
Earlier this week, North P&I Club said it would set up a Dublin-based subsidiary ready to underwrite European business by 20 February 2019, just ahead of the two-year Article 50 deadline of 29 March 2019.
Standard Club’s chief executive, Jeremy Grose, said: “We have concluded that Dublin offers the best location to serve European members post-Brexit. The tax, regulatory and legal regimes are similar to the UK, which means that the transition will be easier to manage than some of the other competing locations.”
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