Beazley wins approval to write insurance from Dublin
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Beazley P.L.C. has received regulatory approval to convert its Dublin-based reinsurer into an insurer, which will be permitted to transact business throughout the European Union, the London-based company said Wednesday.
Beazley, which manages several Lloyd’s of London syndicates and has operations in the United States, Europe and Asia, derives about 5% of its business from Continental Europe, the insurer and reinsurer said in a statement.
Several U.K.-based insurers have opened offices in E.U. countries since Britain’s vote to leave the European Union last year. However, Beazley said its plan to expand the Dublin unit’s remit to include property/casualty insurance predates the Brexit vote.
The Dublin company will be renamed Beazley Insurance DAC. The insurer will establish branch offices in the United Kingdom, France, Germany and Spain, Beazley said.
“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,” CEO Andrew Horton said in the statement.
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