Insurance firm Beazley looking for European licence to ensure access to markets following Brexit
Published 22/07/2016 | 12:04
Insurance underwriter Beazley has said it is working to secure a European insurance licences for its Irish reinsurance business to ensure access to European Union markets following a Brexit.
Dublin headquartered Beazley’s services include niche insurance covering the likes of fine art and kidnap and ransom protection.
It is one of around 50 insurance companies associated with Lloyd’s, the London market that matches insurance underwriters to clients.
"We're looking at getting the licences 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 licences," Beazley chief executive Andrew Horton told Reuters.
The company moved its international corporate headquarters from London to Dublin’s Northwood Business Campus in Santry, back in 2009. It has specialist insurance businesses in the UK, US, France, Germany, Singapore, Hong Kong and Australia.
The move to seek a licence here would pre-empt any risk of losing the automatic right to ‘passport’ services into the rest of the EU, following a Brexit split.
Dublin is seen as a favoured alternative to London for insurers due to its proximity, regulatory similarities and language, according to Reuters.