London - North P&I, one of the world’s leading providers of marine insurance, today confirmed that its subsidiary in Ireland, North of England P&I DAC, has received authorisation as a non-life insurance business from the Central Bank of Ireland (CBI).
Following successful delivery of this key milestone in North’s Brexit Contingency Plan, formal authorisation from the CBI (effective from 31 December 2018) allows North to continue its European operations after the expected loss of existing EU financial services passporting rights when the United Kingdom leaves the EU on 29 March 2019.
From 20 February 2019, members and policyholders with an EEA (European Economic Area) 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.