BREXIT: Shipping insurer London Club to set up Cyprus office

The London P&I Club, one of the world’s leading mutual marine liability insurers, is about to set up a Cyprus office to allow the British ship insurer to work uninterruptedly in the face of a Brexit scenario.

“We are currently going through the process of setting it up and obtaining the necessary license,” the group said in a statement.

The London Club, with offices in London, Hong Kong and Piraeus, is a group of protection and indemnity insurance (P&I) companies for mutual maritime insurance representing global ship-owners. It is a member of the International Group of P&I Clubs, an umbrella for 13 separate clubs insuring 90% of the world’s ocean-going freighters.

The decision is a long-sought boost for the Cyprus maritime cluster, that is a top ten global flag and ranks third among the European fleets after Greece and Malta. Cyprus is also a leader in the ship-management industry, with the sector accounting for 7% of Cyprus GDP.