Steamship Mutual Underwriting Association Limited
Steamship Mutual P&I Club - transfer of European business from London to Cyprus
Part VII Project Management & Technical Consultancy
Project management and technical consultancy of the Part VII transfer of a UK “P&I club” to their newly created Cyprus insurer in response to the UK’s departure from the European Union (“Brexit”). Both associations were marine insurers known as “P&I clubs” providing protection and indemnity (‘P&I’) and other cover for marine risks, including long-tail occupational disease risks.
Working closely with the Legal Services Director and Project Sponsor, the assignment required managing all technical and communications aspects for individual workstreams, chairing the Steering Committee and Technical Working Group, providing detailed technical advice on all project, court & regulatory documents and processes, managing and overseeing external advisor delivery (including legal, independent expert and tax) as well as direct regulatory liaison with PRA, FCA & overseeing the ICCS (Cyprus regulator) requirements.
There were a significant number of unique technical and regulatory challenges which were successfully overcome in constructing the final court and regulatory submissions. Other successes included securing cost-effective communication waivers, significantly reduced UK and EEA policyholder notification and publication costs and delivering within budget constraints.