Last checked at 15 Feb 2013 14:42
Beazley plc
Dublin, 15 February 2013
Statement regarding Subordinated Notes and Retail Bond
As part of its continued active approach to capital management, Beazley Group Limited (the "Issuer") announced on 7 February 2013:
·; An invitation to holders of its outstanding £150,000,000 Fixed/Floating Rate Subordinated Notes (the "Notes") due 2026 to sell any and all of their Notes to the Issuer for cash at a purchase price of 100 per cent.
·; The appointment of Lloyds Bank and Numis Securities to discuss a possible sterling denominated retail bond issue
The outcome of the subordinated debt tender offer has resulted in £26,157,000 being validly tendered and accepted, leaving £76,495,000 outstanding, highlighting a strong appetite among subordinated debt holders for Beazley's credit.
Beazley had considered the possibility of replacing all of its subordinated debt with retail bond debt, and had discussions with potential distributors that suggested strong demand for a further retail bond issuance by Beazley. However, given the majority of subordinated bond holders' wish to retain their holdings, Beazley continues to have sufficient debt capital and has therefore decided not to pursue a retail bond offer at this point in time.
For further information, please contact:
Beazley plc
Sian Coope
+353 (0)1 854 4700
Note to editors:
Beazley plc (BEZ.L), is the parent company of specialist insurance businesses with operations in Europe, the US, Asia and Australia. Beazley manages five Lloyd's syndicates and, in 2012, underwrote gross premiums worldwide of $1,895.9 million. All Lloyd's syndicates are rated A by A.M. Best.
Beazley's underwriters in the United States focus on writing a range of specialist insurance products. In the admitted market, coverage is provided by Beazley Insurance Company, Inc., an A.M. Best A rated carrier licensed in all 50 states. In the surplus lines market, coverage is provided by the Beazley syndicates at Lloyd's.
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