Beaufort Insurance Company Limited (BICL)
Company information
Beaufort Insurance Company Limited (BICL) is part of the DP World group of companies. It is directly owned by The Peninsular and Oriental Steam Navigation Company (POSNCO) which is in turn 100% owned by DP World.
The principal activity of the Company was the underwriting of non-marine insurance risks for POSNCO. The Company ceased underwriting new insurance business in June 2000 and is now in run off. The company achieved variation of part IV Permissions with effect from 06 July 2004, removing its authorization to effect contracts of insurance. There have been no claims paid or notifications received that have required the Company to recognize an insurance liability since 2010, and no other insurance related transactions.
As a primary insurer, BICL was involved in various POSNCO insurance programs, working with Iron Trades Insurance as a key partner. At the time, BICL entered into reinsurance, co-insurance and marine club risk mitigation programs in order to manage its exposure. In addition, BICL was also involved in some non-standard arrangements in respect of insuring a group member company for occupational hazards. In these arrangements, BICL took on 10% to 20% risk exposure between 1981 and 1988 as part of a co-insurance scheme with other insurance companies in the market.
Furthermore, BICL set up Protection and Indemnity (P&I) insurance programs with London P&I club and North of England club in order to insure its P&I risks. In 1999/2000, BICL entered into a reinsurance program with Iron Trades insurance and later QBE International, which culminated in a 100% retro-loss agreement with the reinsurers in 2000. This agreement was set up to ensure BICL had a zero net of reinsurance exposure to future losses following its closure to new business. This arrangement was set up to mitigate any future risks in respect of the policies written by BICL prior to 2000.
Since BICL ceased underwriting in 2000 and successfully revoked its underwriting license, the Company has looked to seek approval to enter into a Members’ Voluntary liquidation Scheme once the Company’s regulatory status has been removed.
Companies House Information
https://find-and-update.company-information.service.gov.uk/company/00075764Documents
Beaufort Insurance Company Limited Solvency and Financial Condition Report - Year Ending 2021Beaufort Insurance Company Limited Solvency and Financial Condition Report - Year Ending 2022
Beaufort Insurance Company Limited Solvency and Financial Condition Report - Year Ending 2023
Registered Office
DP World
16 Palace Street
London SW1E 5JQ
Contact
Email: beaufort@dpworld.co.uk