Withdrawal of possible offer

Beazley Withdrawal

14 December 2010

Withdrawal of possible offer for Hardy Underwriting Bermuda Limited ("Hardy")

On 1 December, the board of Beazley plc ("Beazley") submitted a final proposal to the board of Hardy outlining a possible offer of up to 350 pence per share for the entire issued and to be issued share capital of Hardy, subject to customary pre-conditions (the "Final Proposal").

At a meeting between the two companies on Monday 13 December, Hardy's advisers confirmed that the Hardy board would only be prepared to recommend a price substantially in excess of the Final Proposal and, as a result, Beazley today announces the withdrawal of its interest.