Press Release 24 Nov 2017

IDA Ireland Welcomes Announcement that Two Leading British Marine Liabilities Insurers will set up new EU Subsidiaries in Dublin
 
24 November 2017 – IDA Ireland and Minister of State at the Department of Finance Michael D’Arcy TD today welcomed the news that UK regulated marine liability insurers The Standard Club and North P&I Club have chosen Dublin for their EU subsidiaries as a direct result of Brexit, subject to regulatory approval.
 
Welcoming the news Minister D’Arcy TD said “The choice of Dublin for these operations is another important signal to the market that financial services companies can establish here quickly in order to service their international and European customers, with minimum disruption to their business.    Ireland has made great progress in becoming a strong hub for international financial services business. The Government continues to work closely with industry to implement the IFS2020 Strategy in its aim to promote Ireland as the European location of choice for financial services.”
 
Commenting on the news Martin Shanahan, CEO, IDA Ireland said “The decision by both
The Standard Club and North P&I Club to establish their EU subsidiaries in Dublin is strategically important for both Ireland’s maritime and international insurance industry.  Many players in the financial services sector have decided to open EU subsidiaries in Dublin in order to ensure that they continue to have access to European markets post Brexit.”
 
Jeremy Grose, Chief Executive, The Standard Club, said: “We carefully reviewed all of the options for The Standard Club’s European office.  We have concluded that Dublin offers the best location to serve European members post-Brexit.  The tax, regulatory and legal regimes are similar to the UK, which means that the transition will be easier to manage than some of the other competing locations.  We will seek regulatory approval and progress our plans to establish a presence in Dublin during 2018."


 Paul Jennings and Alan Wilson, North’s Joint Managing Directors, commented “North’s decision to establish a subsidiary company in Dublin follows an extensive review of potential European locations. Key reasons for selecting Dublin as our European office include the similarities between the British and Irish legal system, compatible regulatory and taxation frameworks along with the mature regulatory environment that Ireland offers with regard to an insurance business such as North. From a practical operational perspective, ease of access from the UK and the ability to conduct business in English were also important considerations. We are confident that Dublin provides the best location to support our objective of continuing to provide the highest levels of service to our EU members and policyholders.”
 

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