U.K.-based Beazley PLC has decided to stop underwriting new construction and engineering business globally, The Insurance Insider reported, citing a company spokesperson.

The spokesperson reportedly said market conditions have been "very challenging," and noted that the line of business would not be able to meet the company's cross-cycle profitability requirements in the near future. The company will meet its obligations to clients as the business goes into runoff, the spokesperson added.

Beazley will seek to transfer members of the construction team to other units.