Beazley Regulatory News (BEZ)

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· The Company confirms that it currently has no unpublished inside information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