It’s official: Beazley can now turn its Dublin-based reinsurance firm into an insurance company and continue doing business across the European Union even after Britain leaves the single market.

The Central Bank of Ireland has authorised the specialist insurer to convert Beazley Reinsurance Designated Activity Company (dac) into Beazley Insurance dac. The company said Beazley Re was established in Dublin in 2009 partly because of the option Ireland offered to develop business in Europe.

“Plans to expand the company’s remit to underwrite nonlife insurance formed part of Beazley’s strategy for European growth developed in 2015 and early 2016, predating the British referendum vote to withdraw from the EU,” explained Beazley.

Browse specialty insurance product listings from Beazley Canada here

Beazley Insurance dac will establish branch offices in the UK, France, Germany, and Spain over the coming months. The new entity will provide access to European insurance markets alongside that afforded by Lloyd’s of London – which has chosen Brussels as its post-Brexit hub. Beazley manages six Lloyd’s syndicates.

Andrew Horton, Beazley chief executive, welcomed the authorisation and described it as an important step in the realisation of the group’s 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,” he said. 

According to EY’s Brexit Tracker, 19 of the companies it is monitoring have already announced a move to Dublin or elsewhere in Ireland. So far Dublin beats the likes of Frankfurt and Luxembourg as the preferred relocation destination.