7th Jan 2010 07:00
Beazley plc
Dublin, 7th January 2010
Currency change of Beazley's capital
Beazley plc has concluded that it is appropriate to match the group's underwriting capital by currency to the principal underlying currencies of its written premiums. This will ensure that the Beazley group's capacity to underwrite business would be unaffected by any future movements in exchange rates. To achieve this, the group has increased the US$ component of its capital base by US$487m since the start of 2010 with an equivalent decrease in the sterling component.
For further information, please contact:
Beazley plcSian Coope 0044 (0)20 7667 0623
Note to editors:
Beazley plc (BEZ.L), is the parent company of global, specialist insurance businesses with operations in the UK, US, France, Germany, Ireland, Singapore, Hong Kong and Australia. Beazley manages four Lloyd's syndicates: Syndicate 2623 and Syndicate 623 underwrite a broad range of insurance and reinsurance business worldwide; Syndicate 3623 focuses on accident and health business; and 3622 is a dedicated life syndicate. In 2008, Beazley underwrote gross premiums of £875.7 million. All Lloyd's syndicates are rated A by A.M. Best.
In the US, Beazley's underwriters focus on writing specialist insurance products in the admitted market, backed by Beazley Insurance Company, Inc., an admitted carrier in all 50 states; and surplus lines risks, backed by the Beazley syndicates at Lloyd's. Beazley Insurance Company, Inc. is rated A by A.M. Best.
Beazley is a market leader in many of its chosen lines, which include professional indemnity, property, marine, reinsurance, accident and life, and political risks and contingency business.
For more information please go to: www.beazley.com
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