Beazley Saves GBP14m From Ireland Redomiciliation
Friday, February 12, 2010
Having re-domiciled its holding company to Ireland in March 2009, insurance group Beazley plc has reported with its latest annual results that the move resulted in a lower effective tax rate of 12% in 2009 (2008: 26%), a net profit impact of GBP14m (USD22m).
The effective tax rate included a one-off benefit of the re-domiciliation in 2009; Beazley said it expected its long term effective tax rate to be approximately 18%.
Beazley concluded that this move was in the best interests of its shareholders, stating that Ireland gave it a strong regulatory environment, with the benefit of being part of the European Union, and a competitive tax regime.
The Dublin-based reinsurance operation of Beazley only involves itself in intra-group business and in its Santry office, no third-party business is written.