UK maritime insurer London P&I Club is taking out an insurance policy against the business risks of Brexit by opening a subsidiary in Cyprus. The European market accounts for nearly two-thirds of London P&I’s business, and a Cypriot entity would still be able to operate under EU rules with EU clients in the event that a “hard Brexit” impedes cross-channel transactions.
London P&I, which has been serving the UK’s maritime sector since the dawn of the steamship era, told Reuters that it is now obtaining the necessary licenses from Cypriot authorities and setting up its new operations in the island state. they are one of the first to openly declare their post Brexit strategy.