Establishment of Falcon Money

RNS Number : 5035A

Beazley PLC

09 October 2009

 



Beazley plc

9 October 2009

Establishment of Falcon Money Management Holdings Limited

Dublin, 9 October 2009

 
Beazley plc ("Beazley") has completed the capitalisation of Falcon Money Management Holdings Limited ("Falcon"), led by CEO and majority shareholder Michael Perotti, who will manage Beazley's assets. 

Beazley has funded Falcon's initial start-up costs and regulatory capital requirements which in total represent cash consideration of £0.9m, for which Beazley receives a 25% minority stake in Falcon. Falcon is a start-up with no prior operating history and therefore no historic profits or assets. The terms of the transaction afford Michael Perotti option agreements over which Beazley does not retain sole discretion and has therefore, for the purposes of the Listing Rules, been classified as a class II transaction. This transaction is not expected to have any material effect on Beazley.

For further information please contact:

BEAZLEY PLC     020 7674 7291

Martin Bride, Group Finance Director 

Note to editors: 

Beazley plc (BEZ.L), is the parent company of global, specialist insurance businesses with operations in the UK, US, France, Germany, Ireland, Singapore, Hong Kong and Australia. Beazley manages four Lloyd's syndicates: Syndicate 2623 and Syndicate 623 underwrite a broad range of insurance and reinsurance business worldwide; Syndicate 3623 focuses on accident and health business; and Syndicate 3622 is a dedicated life syndicate. In 2008, Beazley underwrote gross premiums of £875.7 million. All Lloyd's syndicates are rated A by A.M. Best. 

In the US, Beazley's underwriters focus on writing specialist insurance products in the admitted market, backed by Beazley Insurance Company, Inc., an admitted carrier in all 50 states; and surplus lines risks, backed by the Beazley syndicates at Lloyd's. Beazley Insurance Company, Inc. is rated A by A.M. Best. 

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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