Lloyd’s insurer
Beazley is changing one of its businesses outside the UK in an attempt to maintain access to the European Union market following the Brexit move.
The specialist insurer said it had filed an application with the Central Bank of Ireland to obtain approval for its Irish reinsurance arm, Beazley Re, to become a European insurance company.
Beazley said the move “will enable us to broaden our underwriting platforms to European based clients.”
If the Central Bank of Ireland approves Beazley’s application, then the insurer will be able to operate throughout the European Union even if Lloyd’s loses single market access due to Brexit, the
Irish Times reported.
The company revealed its latest move as it announced its financial results for the third quarter. Gross written premiums for the first nine months of the year reached US$1.6 million, up by 2% from the same period in 2015.
“We have maintained our momentum in the third quarter, driven principally by the strong performance of our specialty lines division, where premiums grew by 10% compared to the equivalent period last year,” said Beazley CEO Andrew Horton.
“We continue to attract talented underwriters to Beazley in London, the US and continental Europe,” he added.
According to Beazley, the growth in its specialty lines division was driven by the “continued strong performance” of its US business.
This growth in specialty lines helped offset the more competitive market conditions experienced across other underwriting divisions, the insurer said.
Beazley also announced that it had moved to new larger offices in Atlanta and Paris. Senior underwriters across multiple teams were also hired in the two cities and in Farmington and Chicago.
Related stories:
Zurich, Aegon and Beazley reveal earnings results
Beazley picks up UK leader from Merrill Lynch
Brexit: The impact on insurance three months on
