Beazley picks Dublin for EU subsidiary

Lloyd's of London specialist insurer Beazley has received authorisation from the Central Bank of Ireland to convert its Dublin-based reinsurance company into an insurance company permitted to transact business throughout the European Union.

The renamed company, Beazley Insurance dac (Designated Activity Company), will provide access to European insurance markets alongside that afforded by Lloyd’s, which in March announced plans to establish a new Brussels-based insurance company capable of writing European business for the 1 January 2019 renewal season.

Beazley established Beazley Reinsurance Designated Activity Company (dac), for internal reinsurance transactions in Dublin in 2009.

But it said it chose Ireland because it offered the option to develop business in Europe. It also said that plans to expand the company’s remit to underwrite non-life insurance formed part of Beazley’s strategy for European growth developed in 2015 and early 2016, predating the British referendum vote to withdraw from the EU last June.

“This is an important step in the realisation of our European strategy," said Beazley chief executive officer Andrew Horton. "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."

Continental Europe currently accounts for just over 5 percent of Beazley’s total business but the region is a focus for growth for the firm. Within Beazley’s specialty lines division, a team headed by Gerard Bloom has been developing a suite of products for European markets, reflecting Beazley’s deep expertise in professional indemnity, management liability, financial institutions, and cyber risks.

In a recent survey by Intelligent Insurer, Ireland was voted favourite EU location for insurers seeking to create a unit within the European Union to retain access to the common market after Brexit.

Did you enjoy reading this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.

Today’s stories

Chubb reveals new global underwriting boss following retirement

AM Best concerned by Africa Re’s capital structure

CNA hires Hartford SVP for new worldwide P&C claim role

Hiscox USA boosts professional risks unit with XL and Travelers duo

Alliant expands US Northeast footprint with new M&A deal

European storm Egon loss estimate reaches €275m: PERILS

Cunningham Lindsey appoints corporate risks director

Don't miss our monthly insurtech email newsletter - sign up today