Lloyd’s of London insurer confirms Irish application

Lloyd's of London insurer Beazley said it had filed an application this month with the Central Bank to get approval for its Irish reinsurance business to become a European insurance company.

If approved, this will allow the company to operate throughout the European Union, even if Lloyd's loses access as a result of Brexit.

The confirmation came as Beazley reported a 2 per cent rise in gross written premiums in the first nine months of the year, buoyed by growth in its specialty lines business.

Premiums

The underwriter, which provides marine, casualty and property insurance and reinsurance, said gross written premiums rose to $1.67 billion (€1.53 billion) in the nine months ended September 30th, from $1.64 billion a year earlier.

Beazley said it did not expect a very substantial insured loss from Hurricane Matthew. – (Reuters)