Telerisk
No Result
View All Result
  • UK
  • World
    • Africa
    • Asia & Pacific
    • Europe
    • Middle East
    • Latin America
    • US & Canada
  • Technology
  • UK
  • World
    • Africa
    • Asia & Pacific
    • Europe
    • Middle East
    • Latin America
    • US & Canada
  • Technology
No Result
View All Result
Telerisk
No Result
View All Result
Home World Europe

Beazley eyeing EU licenses in Dublin after Brexit vote

by Melanie
August 22, 2016
Convention-Centre-Dublin

Almost two months following the United Kingdom’s decision to leave the European Union (EU), London-based insurers are weighing in several options that will enable them to continue their businesses throughout the bloc even if they lose their ‘passporting’ rights.

The UK’s insurance industry, together with the banking business, will likely feel the most impact from the Brexit vote as these industries depend on the passporting system, which allow them to operate across the EU.

Insurers are taking into account several alternatives such as creating subsidiaries in other parts of Europe. Many insurers, however, have not yet decided on what is the best place to pick.

As for Beazley Plc., which manages six Lloyd’s syndicates and offers marine, casualty and property insurance and reinsurance, it is eyeing a European insurance license for its Irish reinsurance business.

In an interview with Reuters, Chief Executive Andrew Horton said, “We’re looking at getting the licenses for our EU reinsurance company in Dublin and have an EU insurance company, which will give us some protection for growing in Europe into the future, if there are problems with the Lloyd’s licenses.”

Beazley also seeks to lobby with Lloyd’s of London to guarantee that the market retains the insurance licenses, allowing access to the bloc, Horton said.

Industry insiders consider Dublin as the next best option as headquarters for insurers owing to its geographical proximity and similar regulatory system. Ireland is also an English speaking nation.

Dublin is also becoming an insurance centre, with Zurich’s European base located there.

While Beazley had relocated its headquarters from the Irish capital to London this year, it still enjoys solid presence in Dublin with its reinsurance business. Its Irish business is also being expanded to other kinds of insurance.

Lloyd’s, an insurance market that groups over 80 insurance syndicates in the City of London, earlier warned that that the specialist insurance market would lose some appeal to investors outside the UK following Brexit.

Lloyds of London
Lloyd’s of London staff holding their annual Remembrance Day service

Meanwhile, Beazley’s first-half results showed a solid growth in its US speciality lines business covering professional and management liability. The company hopes to achieve similar success in Europe.

Beazley recorded a 2 percent hike in gross written premiums to $1.12 billion owing to solid growth in its US specialty lines business, comprising approximately 85 to 90 percent of its speciality lines business.

It, however, saw a 3 percent decrease in pre-tax profit due to a decline in premium rates in the large risk business that it underwrites in London.

The insurer expected its specialty lines business in the US and UK to compensate for lesser premiums in marine and property accounts during the period.

Tags: BeazleyEuropean UnionLloyd's of London
TweetShareShareShareSendSendShare

Related Posts

McDonalds-Russia
Europe

McDonald’s leaves Russia for good, cites risky operating environment

May 16, 2022
deutsche-bank-Frankfurt
Europe

Deutsche Bank HQ searched over suspicious money laundering investigation

April 30, 2022
SCOR head office Paris, France
Europe

French reinsurer SCOR sues Covea over ditched takeover bid

February 4, 2019

Top Stories

  • McDonald’s leaves Russia for good, cites risky operating environment
  • Toshiba initiates talks with 10 potential buyout investors
  • Spirit Airlines board rejects JetBlue takeover bid on antitrust risks
  • Deutsche Bank HQ searched over suspicious money laundering investigation
  • Businesses face tougher new biometric privacy laws
telerisk-logo

About us

Telerisk delivers business, financial and technology risks news, providing analysis, trends, opinions and more.

Follow us

© Telerisk Media Limited – All rights reserved.

No Result
View All Result
  • About
  • Cart
  • Checkout
  • Checkout
  • Checkout
  • Europe
  • Home
  • Latin America
  • Login/Register
  • Login/Register
  • Mega Menu
  • Middle East
  • My account
  • My account
  • My account
  • Plans
  • Sample Page
  • Shop
  • TDS Create Account Page – DEMO week_pro
  • TDS My Account Page – DEMO week_pro
  • TDS Payment Page – DEMO week_pro
  • Technology
  • UK
  • US & Canada
  • Video
  • World
    • Africa
    • Asia & Pacific

© Telerisk Media Limited - All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?