Two 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.

The Standard Club is a specialist marine and energy insurer and is member of the International Group of Protection and Indemnity clubs. 

It has 200 staff located in offices in the major shipping centres including London, New York, Singapore and Hong Kong.

The company's CEO, Jeremy Grose, said the company had concluded that Dublin offered 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," he added. 

North P&I club provides insurance, including war risks and ancillary cover, to 190 million gross tonnage of owned and chartered ships worldwide. Headquartered in Newcastle, it has offices in Greece, China, Japan and Singapore.

Paul Jennings and Alan Wilson, North's joint managing directors, said the company'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," they stated. 

"From a practical operational perspective, ease of access from the UK and the ability to conduct business in English were also important considerations," they added.

IDA Ireland's chief executive Martin Shanahan said the decision by the two companies 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," Mr Shanahan said. 

Minister of State at the Department of Finance Michael D'Arcy said the choice of Dublin for these companies 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.