Specialist insurer Beazley has received authorization from the Central Bank of Ireland to convert its established Dublin-based reinsurance company into an insurance company permitted to transact business throughout the European Union.
Beazley explained that its strategy to write EU non-life insurance was developed during 2015 and early in 2016 – predating the UK’s decision to exit the European Union in June 2016.
In 2009, Beazley formed its Dublin-based reinsurance company, Beazley Reinsurance Designated Activity Company (dac), to handle internal reinsurance transactions.
Now renamed Beazley Insurance dac, the company will provide access to European insurance markets alongside that provided by Lloyd’s, which in March announced plans to establish a new Brussels-based insurance company. Beazley said Lloyd’s Brussels unit will be ready to write European business in time for the Jan. 1, 2019 renewal season. (The UK’s planned date for Brexit is March 2019.)
“Continental Europe currently accounts for just over 5 percent of Beazley’s total business, and the region is a focus for growth in the years ahead,” said Beazley in a statement.
Beazley’s specialty lines division, a team headed by Gerard Bloom, has been developing a suite of products for European markets, which reflect the company’s specialties in professional indemnity, management liability, financial institutions and cyber risks.
In the coming months, Beazley Insurance said it also will be establishing branch offices in the UK, France, Germany and Spain.
Beazley Chief Executive Officer Andrew Horton welcomed the authorization of Beazley Insurance. “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.
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