Exclusive: Beazley is closing its Oslo office next year owing to “challenging” conditions in the energy market.
The insurer will continue to write energy business out of London for Scandinavian clients. It is understood only two underwriters are employed in the office, which was opened in 2010.
The move follows Beazley’s decision earlier this month to withdraw from underwriting construction and engineering risks.
A spokesperson for Beazley said: “After careful consideration, we have decided to close our Oslo office in 2019. The office focuses exclusively on energy insurance, a line of business that has faced increasingly challenging market conditions in recent years.
“We continue to underwrite a significant volume of energy business out of London and serve the needs of our clients and brokers in Scandinavia from our London office.”
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