Beazley’s Dublin platform writes first policies
10 October 2017
Lloyd’s carrier Beazley plc has begun writing policies through its Dublin-based insurer, Beazley Insurance dac (Beazley Insurance), which was authorised by the Central Bank of Ireland in July.
Beazley – which temporarily moved its headquarters to Ireland in 2009 to take advantage of the Republic’s then much-lower corporation tax – has chosen Dublin as its “post-Brexit” base to ensure it has a EU-licenced platform once the UK leaves the EU.
The London-listed company currently sources only around five percent of its business from Continental Europe and it has earmarked the region for growth. It has committed to building out a series of European branch offices to drive business onto its AM Best A rated subsidiary.
According to a report in Reinsurance News earlier today, it has since begun writing international financial institutions business - the division headed by former XL Catlin underwriter Gerald Bloom – on the platform.
Initially established as an internal reinsurer, Beazley Re in 2009, Beazley Insurance received authorisation to convert to a fully licenced insurance company permitted to write third-party business throughout the EU.
Beazley CEO Andrew Horton commented at the time: “This is an important step in the realisation of our European strategy. Dublin is an excellent base for our European insurance company, with a highly regarded regulatory system and local access to talented individuals who are well versed in the operating needs of a modern insurer”.
Other London market carriers that have chosen Dublin as a post-Brexit base include Chaucer, the Lloyd’s subsidiary of US specialty carrier The Hanover, and Everest Group. re
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