LONDON, July 12 (Reuters) - Specialist insurer Beazley said on Wednesday it had received approval to convert its Dublin-based reinsurance company into an insurance company, as part of its European expansion plan.
Beazley said the move was not a result of Britain’s vote to leave the European Union last June. However, it comes as many peers have looked to establish or bulk up operations in Dublin and elsewhere amid concern the UK exit could hamper trade.
Continental Europe currently accounts for just over 5 percent of Beazley’s total business, but was a focus for growth in the years ahead, it said in the statement.
“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,” Beazley Chief Executive Andrew Horton said.
In February, Horton said it planned to hire more staff in Ireland as part of the process. (Reporting by Simon Jessop and Noor Zainab Hussain; Editing by Dasha Afanasieva)