Marine insurance specialist Britannia to manage its European customers from Luxembourg – Brexit
British insurer Britannia’s plans in relation to Brexit include a location in Luxembourg. A P&I club, Britannia is one of the leading U.K. marine insurers. Its contracts generally cover pollution risks and accidents at sea. 40% of gross written premiums is in the E.U. market, which it cannot cut itself off from.
The company in December 2017 announced that the board of directors, after consulting with experts, had mandated management to focus on Luxembourg as a “priority option”. The new subsidiary is expected to be established in early 2018 and to be operational by the end of next year.