The company, which is an IDA Ireland client, will increase its European business from its Irish base. In order to expand its access to EU markets, Beazley plc has been granted a European insurance licence for its existing reinsurance company in Dublin. The new Insurance entity will provide specialty insurance products including professional indemnity, management liability and cyber. Beazley plc is the parent company of specialist insurance businesses with operations in Europe, the US, Canada, Latin America, Asia, Middle East and Australia. The company manages six Lloyd’s syndicates and, in 2016, underwrote gross premiums worldwide of $2,195.6 million.
Commenting on the announcement Beazley CEO Andrew Horton said: “Our reinsurance company has been located in Dublin since 2009 and we have long considered it an attractive potential location from which to develop our European business. I am particularly grateful to Ireland's inward investment promotion agency, IDA Ireland, for its unstinting support in our efforts to accomplish this.”
Welcoming the announcement by Beazley, the Tanaiste and Minister for Enterprise and Innovation, Frances Fitzgerald T.D. said "This is very welcome news from Beazley and illustrates the strength of Ireland's position in attracting innovative companies in the Financial Services Sector. The Government has been making strenuous efforts to ensure that we have the right conditions in place in Ireland, especially regarding skills availability, to attract more players from the knowledge based sectors. Announcements like this one today are a vindication of these efforts. We represent a very attractive base in the Eurozone for these companies and we will continue to pursue new investors from this sector.”
Also welcoming the announcement, Minister of State with special responsibility for Financial Services & Insurance, Michael D’Arcy TD said: “Beazley’s plans to expand its operations in Ireland is a very welcome development and demonstrates Ireland’s strong offering for the Financial Services Sector. The Government is making efforts to provide the most supportive climate possible for such business in Ireland.”
Martin Shanahan, CEO of IDA Ireland said: “Today’s decision reflects the increasing importance of Ireland as a gateway for the Single Market. Ireland has the right mix of high quality regulation and supervision, skills, experience and office space to make us a very logical place for financial services companies to locate. I welcome this announcement from Beazley and wish them every success here.”