#AceBrexitNews – Lloyd’s of London insurer Beazley Plc BEZG.L will hire additional staff in Ireland to establish a European insurance company in Dublin after the #Brexit vote, its chief executive told Reuters – @AceFinanceNews

#AceFinanceNews – Feb.07: Beazley to hire staff for Irish insurance business as they see more opportunities in US and other markets after #Brexit ….

The underwriter, which provides marine, casualty and property insurance and reinsurance, also reported a 3 percent rise in full-year pretax profit, defying analyst estimates for a decline.

It pointed to “significant” growth opportunities in the United States and other markets outside London amid a challenging environment for insurers.

Shares in Beazley surged as much as 10 percent on Friday, making the stock the top performer on the FTSE Midcap Index .FTMC and the pan-European Stoxx 600 Index .

Higher investment returns and a strong underwriting performance helped to lift profit, the company said.

Beazley has been working to get European insurance licences for its existing Irish reinsurance business to allow it to operate on a broader basis throughout the EU.

Many London-listed insurers are drawing up plans to set up regulated subsidiaries in the EU due to the expected loss of rights to sell products across the bloc after Brexit and Beazley appears to be in the vanguard.

DUBLIN CALLING

The insurer, which has offices in Oslo, Munich and Paris, said it applied to set up an insurance subsidiary in Dublin in November and regulators were reviewing its application .

“We’re hopeful because we’ve been in Ireland for seven years… We hope we’re are at the front of the queue,” CEO Andrew Horton told Reuters

“We are establishing our insurance company (in Dublin) irrespective of when the #Brexit application goes in. We were already starting to do that even before we had the referendum in June,” Horton said

He added Beazley chose Dublin as it was easier to make changes to an already existing business.

Industry observers say all insurers looking to set up EU subsidiaries have included Dublin among their options, attracted by its language, location and tax and regulatory systems.

Lloyd’s of London’s SOLYD.UL, Neon Underwriting Ltd and Admiral (ADML.L) have pointed to Ireland as a possible new centre.

Horton said that the insurer was not planning to move jobs from Britain or anywhere else to Ireland but would hire locally.

“We’re expecting to add jobs in Dublin because it will need more people to manage a live insurance company than a reinsurance company,” he said, without specifying how many new jobs could be created.

Beazley’s pretax profit rose 3 percent to $293.2 million for the year ended Dec. 31, higher than the $243 million expected by analysts according to company-supplied consensus estimates.

Reuters  Reporting by Noor Zainab Hussain in Bengaluru; Editing by Amrutha Gayathri/Keith Weir)

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MARKETS: US 14:55: 07/02/17: Nasdaq, Dow Jones Stocks Hit New Record Highs as Dow opened up 100 points up – #AceNewsDesk reports – @AceFinanceNews

#AceFinanceReport – Feb.07: Dow jumps 100 points, hits new high; Nasdaq also in record territory

U.S. equities opened higher on Tuesday as investors focused on a slew of corporate earnings reports.

http://www.cnbc.com/id/10426627

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MARKETS: Report: US crude settles at $53.01, down 1.5%, as US dollar strength counters #OPEC output cuts as stocks close slightly lower amid Trump policy fears; energy drops 1% – CNBC – together with what’s happening this week – @AceFinanceNews

#AceFinanceReport – Feb.07: The #OPEC members covered by the deal with Russia and other independent producers have implemented at least 80 percent so far, according to a Reuters survey and analysts. Russia has cut about 100,000 bpd and plans to increase that to 300,000 bpd.

Implementation of the cuts began on Jan. 1 with the aim of reducing output by almost 1.8 million barrels per day.

Against this backdrop, more investors are betting on rising prices despite indicators such as the Baker Hughes rig count pointing to increased U.S. supply.

U.S. energy companies added oil rigs for a 13th week in 14, data showed on Friday. Despite the OPEC cuts, U.S. crude inventories rose by more than expected last week.

U.S. crude futures, however, have well been supported, with WTI futures posting gains in seven of the past eight weeks.

Hedge funds and other speculators also boosted their bullish bets in U.S. crude futures and options in the week to Jan. 31 to the highest level on record, betting prices will continue to rise, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.

http://cnb.cx/2kG5O4f

US Markets Report of what’s happening and when this week .. CNBC: http://cnb.cx/2kGje05

The Dow Jones industrial average fell 17 points, or 0.08 percent, to 20,054, with Verizon leading decliners and United Technologies the biggest riser.

The S&P 500 dropped 5 points, or 0.24 percent, to 2,292, with energy leading nine sectors lower and utilities and information technology rising.

The Nasdaq composite rose 8 points, or 0.15 percent, to 5,657.

About nine stocks declined for every five advancers at the New York Stock Exchange, with an exchange volume of 309 million and a composite volume of 1.465 billion in afternoon trade.

The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, traded near 11.3.

On tap this week:

Monday

Earnings: 21st Century Fox, Tesoro, Boardwalk Pipeline

4:30 p.m. Philadelphia Fed President Patrick Harker

Tuesday

Earnings: Disney, Gilead Sciences, BP, General Motors, Archer Daniels Midland, Cardinal Health, Statoil, BNP Paribas, Intercontinental Exchange, Michael Kors, Vulcan Materials, Tenneco, Wellcare Health, Mondelez International, Buffalo Wild Wings, Plains All American, Pioneer Natural Resources, Panera Bread, Zillow

8:30 a.m. International trade

10:00 a.m. JOLTs

1:00 p.m. 3-year note auction

3:00 p.m. Consumer credit

Wednesday

Earnings: Time Warner, Glaxo SmithKline, Whole Foods, Prudential Financial, Carlyle Group, Alaska Air, Humana, Allergan, Rayonier, Suncor, Lions Gate, Owens Corning, Sanofi, Level 3 Communications, Jacobs Engineering

1:00 p.m. 10-year note auction

Thursday

Earnings: Coca-Cola, Kellogg, Twitter, Yum Brands, Beazer Homes, Cummins, Total, Agrium, Occidental Petroleum, Nissan, Borg Warner, Dunkin Brands, Expedia, News Corp, Nvidia, Pandora Media, Activision Blizzard, Thomson Reuters, KKR

8:30 a.m. Initial claims

9:10 a.m. St. Louis Fed President James Bullard

10:00 a.m. Wholesale trade

1:00 p.m. 30-year bond auction

1:10 p.m. Chicago Fed President Charles Evans

Friday

Earnings: Aon, Calpine, Buckeye Partners, ArcelorMittal, Ventas, Nippon Telegraph, Interpublic

8:30 a.m. Import prices

10:00 a.m. Consumer sentiment

2:00 p.m. Factory orders

End …

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