The Central Bank of Ireland has authorised specialist insurer Beazley to convert its Dublin reinsurance firm into an insurer, after Beazley requested to transfer insurance transactions to Ireland to protect its European business after the Brexit vote.
The reinsurer, Beazley Reinsurance Designated Activity Company (dac) was first established in 2009, with Ireland as a base for the easy access it provided to business throughout Europe – it’s since been renamed to Beazley Insurance dac as it prepares to switch to acting as a primary underwriter of European business.
Beazley Chief Executive Officer (CEO), Andrew Horton, welcomed the authorisation 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.”
The decision to convert into an insurer follows on from previously laid expansion plans, before the EU leave vote in 2015 and early 2016 Beazley had established a European growth strategy that included adding non-life insurance to the firm’s Ireland reinsurer.
Continental Europe is an area where Beazley will look to grow, and the region currently accounts for just over 5% of the firm’s total business.
Over the coming months, Beazley has said it plans to establish Beazley Insurance branch offices in the UK, France, Germany and Spain.
Earlier this year, Beazley became one of several re/insurers who had set their sights on Ireland as their post-Brexit safety net for European business, submitting an application for insurance authorisation.
