6 July 2016
It is now common knowledge that the UK referendum on membership of the EU resulted in a majority vote in favour of the UK leaving the EU. We are now in a period of considerable uncertainty regarding the mechanism and duration of the future exit negotiations and the form of the UK's relationship with the EU subsequent to exit.
During this period of uncertainty we can assure Policyholders that North and Sunderland Marine have in place effective processes to monitor the situation, to manage the risks and opportunities that arise and to engage with regulators when and where necessary.
The immediate financial effect of the referendum on the North Group has been neutral. As a predominantly US Dollar business, our GBP Sterling exposure is limited and has for a long time been hedged to protect against currency fluctuation.
We will ensure that appropriate contingency measures are put in place to deal with the regulatory and legal consequences of the referendum outcome.
Further updates will be provided as required.
Sunderland Marine Insurance Company Limited