ITIC & Brexit
BREXIT – Britain’s exit from the European Union
Preparations in anticipation of the United Kingdom leaving the European Union
In December 2017, a circular was sent to all members and brokers explaining that ITIC would need to make arrangements in order to continue to trade in Europe after Britain’s exit from the EU.
ITIC is committed to continuing to do business in Europe post Brexit as, approximately, 30% of the membership is in EU27. We will ensure that after Brexit, ITIC’s members in the EU will continue to receive the high quality product and service to which they have become accustomed.
To be able to continue to use the financial services “passport”, we established that the most effective and efficient way for ITIC to establish a presence within the EU was via a fronting arrangement with UK P&I Club N.V. which will be a Netherlands regulated insurance company. They will reinsure 100% of that risk back to ITIC. The Rotterdam business will be managed by a Thomas Miller company called Thomas Miller B.V. which is now based in the World Port Centre in Rotterdam, Netherlands.
The ITIC brand will appear on all policy documentation and correspondence along with the trading name of the EU fronting company. ITIC will be offering the same cover and levels of service it always has done whether that be on underwriting, claims or loss prevention either via the Rotterdam or London offices.
It will be business as usual for all ITIC members and brokers.
If you have any questions or comments on this circular, please direct these to your usual ITIC contact.
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