London-listed carrier Beazley has received authorisation from the Central Bank of Ireland to convert its long established Dublin-based reinsurance company into an insurance company permitted to transact business throughout the EU.
The Irish company will be renamed Beazley Insurance and will provide access to European business alongside its access to Lloyd's recently announced Brussels hub.
Furthermore, Beazley said that it will be establishing further branch offices in the UK, France, Germany and Spain in the coming months.
The carrier first established a reinsurance company in Dublin in 2009 for internal reinsurance transactions. It said that one of reasons for selecting Ireland as the location for Beazley Re was the option it offered to develop business in Europe, with pre-Brexit plans to grow the non-life insurance book in the region.
Continental Europe currently accounts for just over 5 percent of Beazley’s total business, with Beazley's head of international financial lines Gerard Bloom leading a team which has been developing a suite of products for European markets including cyber, professional indemnity and financial institutions cover.
Beazley CEO Andrew Horton 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".