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Member, Beacon International Group, Ltd.
Beazley P.L.C. shareholders will vote next month on whether to return the insurer’s headquarters to London from Dublin, Beazley said Thursday
In his “chairman’s statement” accompanying the release of Beazley’s 2015 full year results, CEO Andrew Horton said that “during 2015, the board has considered the feasibility of a movement in the location of the group’s management from Ireland to the U.K.”
“Having considered the options, the board will present a proposal to the shareholders at the company’s (annual general meeting) in March 2016 to effect such a change via the creation of a new U.K.-domiciled holding company. The board believes that this change will increase the operational efficiency of the group,” Mr. Horton said in the statement.
Beazley moved its headquarters to Ireland in 2012, as part of an exodus of companies from the U.K. to other domiciles in part to seek more favorable tax treatment.
(Reuters) — Lloyd's of London insurer Beazley P.L.C. reported a 6% jump in gross written premiums, helped by strong growth in its U.S. specialty lines business.