Sterling’s gyrations in the face of Brexit uncertainty are a worry for companies doing business in Britain and Assure Hedge is offering insurance on future fluctuations ahead of  B-Day on 29 March 2019.

Assure Hedge calls its Brexit hedge brexitprotection.ie, and chief executive Barry McCarthy (pictured) said: “We specialise in getting small Irish businesses through the uncertainty being whipped up by Brexit. Our solution means SMEs  can continue to trade with the UK and other foreign currency markets and make profits regardless of Brexit-related currency fluctuations."

Dublin Chamber’s Graeme McQueen added: “In a recent poll among our member companies, more than half expressed a degree of worry about the potential impact of currency volatility on their business. Almost a quarter said they were either worried or very worried, with a further 35% saying that they were ‘a little worried’. 

“Typical responses were that an exchange rate swing of more than 5% would wipe out their profit margin. These stats show how exposed many firms are to the potential volatility that lies ahead. Bigger firms are typically able to protect themselves more easily by hedging. However, it can be much trickier for smaller firms. When you’re trading abroad, margins can be tight, meaning that any sharp change in conversion rates can have a major impact.”

Potential customers for Assure Hedge’s Brexit protection enter the amount of sterling or euro they wish to hedge online, For regulatory reasons, sign-ups are done over the phone, when the deal will be completed.

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The cost of cover varies depends on the swing in currency prices. The commission ranges from 0.5% of the sum protected (€55 per £10,000) through 1.5% for silver and 3% for platinum protection (€333 per £10,000).