Beazley
plc
London, 8
March 2024
Share repurchase
programme
Beazley plc announces that, as
outlined in its announcement on 7 March 2024, the Board has
approved a share repurchase programme to return up to a maximum
aggregate amount of $325 million (or approximately £255 million)
via open market purchases of the Company's ordinary shares of 5
pence each (the "Ordinary Shares") on the London Stock Exchange
(the "Programme").
About the Programme
· The
purpose of the Programme is to reduce the share capital of the
Company and the Programme will be financed through existing cash
resources
· The
Company has appointed Deutsche Numis to independently manage the
Programme to repurchase Ordinary Shares on its behalf and within
certain defined parameters
· The
aggregate number of Ordinary Shares acquired by the Company
pursuant to the Programme shall not exceed the maximum number of
Ordinary Shares which the Company is authorised to purchase,
currently being 67,120,402 shares obtained under the 2023 Authority
("General Authority")
· In
accordance with the General Authority, the maximum price which may
be paid for an Ordinary Share will not be more than the higher
of:
1. an amount equal to
105 per cent of the average of the middle market quotations of an
Ordinary Share (as derived from the London Stock Exchange plc's
Daily Official List) for the five business days immediately
preceding the purchase; and
2. an amount equal to
the higher of (i) the price of the last independent trade of an
Ordinary Share; and (ii) the highest current independent bid for an
Ordinary Share on the London Stock Exchange at the time the
purchase is carried out;
· The
Programme will commence on the date of this announcement and will
continue until the earlier of the date on which the maximum amount
has been purchased under the Programme or 31 December
2024
· Once
repurchased, the Ordinary Shares will be cancelled by the
Company
· Share
repurchases will take place in open market transactions and may be
made from time to time depending on market conditions, share price
and trading volume.
· The
Company confirms that it currently has no unpublished inside
information
· The
Programme will be conducted within the parameters prescribed by the
Market Abuse Regulation 596/2014 and the Commission Delegated
Regulation (EU) 2016/1052 as it forms part of UK law pursuant to
the UK's European Union (Withdrawal) Act 2018 and the Market Abuse
(Amendment) (EU Exit) Regulations 2019) as well as applicable laws
and the regulations of the UK Financial Conduct Authority
(including Chapter 12 of the Listing Rules)
· Any
repurchase of Ordinary Shares will be announced no later than 7:30
a.m. on the business day following the calendar day on which the
repurchase occurred
· There
is no guarantee that the Programme will be implemented in
full
· As at
7 March 2024, the Company's total issued share capital consisted of
672,542,440 Ordinary Shares, with one voting right per share. The
Company does not hold any Ordinary Shares in treasury. Therefore,
the total number of voting rights in the Company was
672,542,440.
For further information:
Analysts and Investors:
Sarah Booth
+44 (0) 20 7674 7582
Media:
Sam Whiteley
T+44 (0) 20 7674 7484
Note to editors:
Beazley plc (BEZ.L), is the parent
company of specialist insurance businesses with operations in
Europe, North America, Latin America, and Asia. Beazley manages six
Lloyd's syndicates and, in 2023, underwrote gross premiums
worldwide of $5,601.4million. 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 and its subsidiary, Beazley America Insurance Company, Inc.
In the surplus lines market, coverage is provided by the Beazley
syndicates at Lloyd's, and from 1 January 2024, also from Beazley
Excess and Surplus Insurance, Inc.
Beazley's European insurance
company, Beazley Insurance dac, is regulated by the Central Bank of
Ireland and is A rated by A.M. Best and A+ by Fitch.
Beazley is a market leader in many
of its chosen lines, which include Professional Indemnity, Cyber
Liability, Property, Marine, Reinsurance, Accident and Life, and
Political Risks and Contingency business.
For more information please go
to: www.beazley.com