The UK P&I Club has won clearance to trade in the Netherlands after Briton leaves the European Union.
It said the Dutch financial regulator had confirmed approval for a licence for its Rotterdam-based subsidiary UK P&I Club NV (UKNV).
"The new subsidiary will ensure the UK Club, together with other Thomas Miller-managed clubs for which UKNV is fronting, can continue to serve members after the United Kingdom leaves the European Union," the UK P&I Club said.
The UKNV Rotterdam office is located in the World Port Center and the management board consists of Hugo Wynn-Williams as chief executive, chief financial officer Paul van den Brom and Rene Doff as chief risk officer.
UKNV has recruited staff to additional support roles and the office is operational, the club said.
Wynn-Williams said: “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.”
Andrew Taylor, chief executive of Thomas Miller P&I, added: “The measures taken by the UK Club will provide continuity of service to our members, irrespective of the outcome or timing of Brexit.
"Our long-term planning has ensured we have the relevant authorisations in place prior to the UK leaving the EU. However, this is not a brass-plate exercise and our Rotterdam subsidiary will be a fully functioning office to ensure our members continue to receive the same excellent standard of service they are accustomed to.”
Sharing an office
The Thomas Miller-managed group includes mutuals such as the TT Club and UK Defence Club, in addition to a raft of recent acquisitions in the fixed-premium, legal and technical sectors.
Taylor told TradeWinds in January that the different mutuals have historically all been run independently and are only linked by the fact that Thomas Miller manages them all.
"They have their own boards and their own management team. But that does not mean we can’t utilise the single-management gain efficiencies. Whilst they are independent, we can share back office," he said.
“The best example is Brexit. Everyone wanted a Brexit solution and if we all had our own offices it would have been expensive, so we are all sharing an office in Rotterdam.”
