Insurer will benefit from Ireland relocation
Beazley has posted a strong trading performance on the back of sterling falling against the dollar and stronger investment returns. It recorded gross written premium in the first nine months of 2009 of £861.9m – 45% higher than the same period last year.
Investments increased 31%, from £1.71bn last year to £2.24bn this year.
The Lloyd’s insurer, which writes most of its business in the USA, is also set to benefit from its decision to redomicile from the UK to Ireland at the start of the year.
The company will pay a 19% corporation tax for this year, compared with 28% last year. This will show in its year-end results, which will be released in the new year.
The ABI has been campaigning for a cut in corporation tax to stop insurers leaving the UK. Meanwhile, a Beazley spokesman said that the insurer had no plans to move back to the UK.
But he added: “We will always look at changes that bear upon the competitiveness of our business and be willing to adjust our approach accordingly.”