2nd Jan 2007 07:01
Beazley Group PLC02 January 2007 Beazley Group plc Plantation Place South 60 Great Tower Street London EC3R 5AD Tel: +44 (0)20 7667 0623 Fax: +44 (0)20 7674 7100 www.beazley.com Press Release Acquisition from Santam increases share of group underwriting capacity to 81% London, 29 December, 2006 Beazley announces that it has acquired the entireissued share capital of Santam Corporate Ltd from Santam UK Ltd. SantamCorporate Ltd participates solely on syndicate 623 with a capacity of £19.0m. The acquisition allows Beazley to increase its share of the combined capacityfor syndicates 2623 and 623 of £860.0m to 81% for 2007. This increases theamount the Group underwrites at Lloyd's to £697.0m (2006: £647.0m). As a resultof the Group's reduced capital requirement for 2007, this additional capacitywill not require additional funds to be lodged at Lloyd's. Santam Corporate Ltd made a profit before tax of £1.0m and had net assets of£10.8m, for the year ended 31 December 2005. All future profits from 2004 to2006 years of account will accrue to Beazley. The consideration paid for SantamCorporate Ltd was £14.4m, in cash. Andrew Beazley, CEO of Beazley Group plc, said; "I am delighted that we have been able to acquire Santam's capacity. BeazleyGroup plc will now be able to take a larger share of the combined syndicates ata time when underwriting conditions remain good." Under the terms of the UKLA listing rules the acquisition is a Class 2transaction not requiring shareholder approval. ENDS For further information, please contact: Beazley Group plcAndrew BeazleyT +44 (0)20 7674 7501 FinsburySimon MoyseT +44 (0)20 7251 3801 Note to Editors: Beazley Group, plc (BEZ.L) based in London, is the parent company of global,specialist insurance businesses with operations in the UK, US, France, Singaporeand Hong Kong. Beazley manages two Lloyd's syndicates (Syndicate 2623 andSyndicate 623) with aggregate underwriting capacity in 2006 of £830m (US$1.5bn).Both syndicates are rated A by A.M. Best. In the US, Beazley's underwritersfocus on writing specialist insurance products in the admitted market, backed byBeazley Insurance Company, Inc., an admitted carrier in all 50 states; andsurplus lines risks, backed by the Beazley syndicates at Lloyd's. BeazleyInsurance Company is rated A- by A.M. Best. Beazley is a market leader in many of its chosen lines including professionalindemnity, commercial property, marine, reinsurance, and personal lines. For more information please go to: www.beazley.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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