Beazley plc
London, 5 March 2025
Share repurchase programme
Beazley plc announces that, as
outlined in its announcement on 4 March 2025, the Board has
approved a share repurchase programme to return up to a maximum
aggregate amount of $500 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 J.P. Morgan Securities plc 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 67,254,244 shares obtained under the 2024 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 28 February
2026.
• 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Company confirms that it currently has no unpublished inside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 9 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 4 March 2025, the Company's total issued share capital consisted
of 639,002,140 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
639,002,140.
For further information:
Investors and
analysts
Sarah Booth
+44 (0) 207 6747582
Media
Sam Whiteley
+44 (0) 207 6747484
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
seven Lloyd's syndicates and, in 2024, underwrote
gross premiums worldwide of $6,164.1million. 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