It has been a big day at Lloyd’s of London insurer Beazley. After revealing a dip in post-tax profits, the company has also announced it is looking into European licences on the back of the Brexit vote.
According to a Reuters
report, Beazley is working to get licences for its Irish reinsurance business which will allow it to continue to operate throughout the European Union in the case that Lloyd’s ultimately losses access to the region.
The move is part of a contingency plan on the back of the EU referendum vote with insurers facing the risk of losing their passporting rights.
Speaking to the newswire, Andrew Horton, chief executive of Beazley, commented: “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 licenses.”
The words come on the back of Beazley announcing its post-tax profits for the start of 2016 had dipped by 3% reaching $128.8 million (approximately £97.1 million). However, it’s gross written premiums climbed by 2% to stand at $1.12 billion.
The company is confident its business will not be disrupted in general by the Brexit vote with the bulk of its business transacted in US dollars.
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