(Reuters) - Lloyd's of London insurer Beazley Plc (L:BEZG) said it is working to get European insurance licences for its Irish reinsurance business to allow it to continue to operate throughout the European Union even if Lloyd's loses access to the bloc.
Insurers are making contingency plans after Britain's vote last month to leave the EU left them facing the risk that they could lose their "passporting" rights that enable them to sell their products throughout Europe.
"We're looking at getting the licences for our EU reinsurance company in Dublin and have an EU insurance company, which will give us some protection for growing in Europe into the future, if there are problems with the Lloyd's licenses," Chief Executive Andrew Horton told Reuters.