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Report: UK ship insurer Britannia to establish Luxembourg unit due to Brexit

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Report: UK ship insurer Britannia to establish Luxembourg unit due to Brexit

British ship insurer Britannia unveiled plans to establish a unit in Luxembourg to ensure it can continue to trade in Europe after the U.K. leaves the EU, Reuters reported.

The firm said it expects to submit a formal application to set up the Luxembourg-domiciled unit in early 2018, with a view to make it operational by 2018-end. It did not indicate how many of its staff would be involved in the plan.

Britannia is one of 13 major global protection and indemnity clubs, six of which are regulated in the U.K. and are estimated to account for more than half the revenue of the sector, which insures roughly 90% of the world's cargo ships, Reuters noted.

In November, fellow U.K. regulated ship insurers North and Standard announced plans to create EU subsidiaries in Dublin, while UK P&I Club said it had picked the Netherlands. The remaining two U.K. regulated P&I clubs, London and Steamship, are yet to announce their Brexit plans, the report added.