Beazley targets growth in Europe backed by Dublin subsidiary
Beazley has reinforced its growth ambitions in Continental Europe as Lloyd's of London is taking action to preserve the market's access to European business after Brexit.
Against this backdrop, Beazley has established a new Dublin-based insurance company, and is hiring underwriters for the newly formed Beazley Insurance along with a new Barcelona office.
Continental Europe currently accounts for just over 5 percent of Beazley's total business.
Lloyd's had previously announced plans to establish a Brussels-based insurance company capable of writing European business for the January 1, 2019 renewal season.
In May, Beazley introduced a package product in London for financial institutions, combining crime and professional indemnity cover with Beazley's data breach capability.
In its second quarter of 2017 results, Beazley CEO Andrew Horton commented: "Beazley delivered another good performance in the first half, against a backdrop of continuing competition. Our US operations performed strongly and our newly authorised Dublin based insurance company will support our growth plans in Europe, where we see opportunities to distribute our specialty products."
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