Update on 2023 AGM resolution votes

Beazley PLC

23 October 2023

 

Beazley plc

London, 23 October 2023

Update on 2023 annual general meeting resolution votes

In accordance with Provision 4 of the UK Corporate Governance Code and as noted in the announcement of 25 April 2023, Beazley plc ("the Company") is providing this update following significant votes (defined as above 20%) against the following resolutions at its annual general meeting ("AGM") held on 25 April 2023.

Resolutions 22 (general disapplication of pre-emption rights) and 23 (disapplication of pre-emption rights in connection with an acquisition or specified capital investment), which were special resolutions requiring a 75% majority, did not receive sufficient support to be passed, receiving votes in favour of 60.76% (99.85% in 2022) and 60.85% (a new resolution at the 2023 AGM) respectively.

Subsequent to the AGM, we have written to a significant number of shareholders that voted against resolutions 22 and/or 23 at the 2023 AGM offering to meet with them and requesting feedback. Response to date has been limited and we will continue to follow up with these shareholders.

The resolutions followed the provisions of the Pre-Emption Group's 2022 Statement of Principles for the disapplication of pre-emption rights and, the Board considered the flexibility afforded to be in the best interests of the Company and its shareholders. However, the Board will continue to consider its approach on this matter and will continue to engage with shareholders as appropriate. A further update will be provided in the 2023 Annual Report.

For further information please contact:

Beazley plc

Christine Oldridge, Company Secretary

[phone]

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 2022, underwrote gross premiums worldwide of $5,268.7million. 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'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

 

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