28th Nov 2005 10:11
Beazley Group PLC28 November 2005 28th November, 2005 Potential Formation of a New Lloyd's Syndicate Beazley Group plc ("Beazley") has been approached by a number ofcapital providers who have expressed interest in potentially supporting a newLloyd's syndicate. In order to meet Lloyd's timetable and other regulatoryrequirements, Beazley has written to the existing underwriting members ofSyndicate 623 seeking their approval for the proposed formation of Syndicate3623 and has offered them the opportunity to participate on a limited tenancybasis. The proposed underwriting capacity of Syndicate 3623 would be up to £200million for the 2006 year of account. If Beazley proceeds with the formation of Syndicate 3623, it would enableBeazley's underwriters to meet the anticipated increase in demand from brokersand clients following the substantial losses from this year's hurricane season.It is intended that Syndicate 3623 would be operational during the current yearend renewal season, operating alongside Syndicates 623/2623. This would enablethe Beazley team to underwrite additional property insurance, propertyreinsurance and marine energy business, in excess of the Syndicates' 623/2623business plan. Beazley would receive fees and profit commissions for managingSyndicate 3623 and would take a modest participation on Syndicate 3623, to befunded out of Beazley's existing resources. At this stage there can be no assurance that Beazley will proceed with theproposed formation of Syndicate 3623 however Beazley will keep shareholdersinformed of any material developments. --ENDS-- Contacts: For all investor or analyst enquires please contact: Beazley Group plc Tel. 020 7667 0623Andrew Beazley, Chief Executive For all media enquires please contact: Finsbury Tel: 020 7251 3801Simon MoyseAmanda Lee This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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