Lloyd’s Underwriter Considering Irish License for Reinsurance Business | Business Insurance
Beazley Underwriting has said it is considering a European insurance licence for its Irish reinsurance business to make sure it has continued access to European Union markets following Brexit.
This is a turnaround from earlier this year when Beazley said it would move its headquarters back to the UK from Ireland.
Central Bank Enquiries
The Central Bank had received enquiries from UK-based insurance companies following the Brexit vote, including from Lloyd’s underwriting syndicates. This could mean more jobs could shift to Ireland.
“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 international corporate headquarters moved from London to Dublin’s Northwood Business Campus in Santry in 2009.
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.
Britain’s insurance and banking industries – the biggest in Europe – are seen as some of the sectors with the most to lose following the Brexit vote, due to their reliance on the passporting system. Dublin is seen as a favoured alternative to London for insurers due to its proximity, regulatory similarities and language, according to Reuters.