Britannia P&I Club is to establish a subsidiary in Luxembourg, it said on Friday, to ensure it can continue to trade in Europe after the UK leaves the EU on march 29th 2019. The company has said that Europe accounted for more than 40% of its global business.
It said that “with the advice of third-party consultants and having engaged with various EU regulators, Britannia’s board has now instructed the managers, Tindall Riley (Britannia) Ltd, to focus on Luxembourg as the preferred option”.
It did not say how many of its staff would be involved. Britannia said that it expected to make a formal application to establish the new Luxembourg domiciled subsidiary in early 2018 enabling it to be operational by the end of 2018.