Insurer posts 15% profit rise after move to Ireland
February 10, 2010
Specialist insurance company Beazley made a pre-tax profit of £100.7 million ($156 million) in 2009, up from £87.2 million in 2008, on which the company will pay just 12% income tax after it re-domiciled its holding company to Ireland.
"Beazley’s new corporate structure, which has no affect on the placement by Lloyd’s brokers of business with Beazley’s Lloyd’s syndicates in London, provides a favourable operating base from which to develop the business and bring the group’s corporate tax rate down in line with its global peer group, in a stable tax environment," said a spokesperson for the company.
“Having reviewed our options, we concluded that this move was in the best interests of our shareholders,” said the company in a press release. “Ireland gives us a strong regulatory environment, has the benefit of being part of the EU, and has a competitive tax regime.”
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