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.
A comprehensive report in our Intelligence Report series which studies the 20 main offshore jurisdictions which offer captive insurance regimes is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report11.aspTags: tax | business | insurance | corporate headquarters | holding company | Ireland | Ireland
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