Change to reporting currency

RNS Number : 9958J

Beazley PLC

12 April 2010

 



Beazley plc

Dublin, 12 April 2010

Change to reporting currency

Beazley plc is to change its reporting currency to US dollars for the 2010 financial year onward. The move follows an earlier announcement in January 2010 that the group's underwriting capital would be maintained in the principal underwriting currencies of its written premiums, as a result of growth and planned growth in its US dollar business. We believe that this change will give investors and other stakeholders a clearer understanding of the group's performance over time.

Reporting in US dollars will significantly reduce the future volatility of Beazley's reported earnings due to foreign exchange movements, and in particular the magnitude of any impact of foreign exchange on non-monetary items.

For further information, please contact:

Beazley plc                        Martin Bride                    

          T: [phone]

Finsbury                            Don Hunter                                                                               T: [phone]

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 2009, underwrote gross premiums worldwide of £1,115.5 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

 

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