30th Sep 2005 07:00
Beazley Group PLC30 September 2005 30 September 2005 Beazley Group plc Update on business prospects and participation in Lloyds syndicates 2623 and 623 The Board announces further information for business prospects and theparticipation of the Beazley Group plc on syndicates 2623 / 623. A revised business plan has been submitted to Lloyd's indicating an increase incapacity of 11.8% for the combined syndicates from £742m in 2005 to £830m in2006. The Board is seeking this increase in capacity to take advantage of theimproved market conditions that are expected following the losses from therecent hurricanes. This plan is subject to regulatory approval and furtherrefinement as the impact of the hurricanes is better understood. In addition, Beazley Group plc has been successful in increasing its share inthe combined syndicates from 70% to 77% for 2006 by acquiring a further £53m ofcapacity in the Lloyd's capacity auctions. Together with the proposed increasein overall capacity, the Beazley Group plc share of capacity is expected toincrease by 23% from £522m in 2005 to £643m for 2006. An offer to acquire theremaining capacity of the combined syndicates not owned by the Group will berequired to be made in 2006 at 3p per £ of capacity, the highest price paid inthe auctions this year. Further to the statement regarding the impact of hurricane Katrina made at thetime of the interim results earlier this month, an assessment of the likelyimpact of both hurricanes Katrina and Rita is ongoing. The Board believes thatthe information in relation to both events is sparse and unreliable and that itis too early to make a reasonable estimate of the effects of both hurricanes. Afurther announcement will be made when the position is clearer. Contacts Beazley Group plc Tel: 020 7667 0623Andrew BeazleyAndrew Horton This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Beazley