Brexit prompts ship insurers to eye EU outposts
Protection and Indemnity clubs fear Brexit will hinder access to the EU's financial market, say industry sources
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London
UK-REGULATED ship insurers are preparing plans to open new outposts in European Union (EU) jurisdictions such as Luxembourg and Cyprus, fearing that Brexit will hinder access to the EU's financial market, industry sources involved say.
Britain dominates the global marine insurance market and losing access to specialist Protection and Indemnity (P&I) clubs - marine insurers owned by shipping firms - could further weaken other parts of its multi-billion pound shipping services sector. Several Greek shipowners have already moved operations out of Britain anticipating changes that could remove their favourable "non-domicile" tax status.
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