Interim Results - Part 4

Companies

Beazley (BEZ)

UK 100

Latest directors dealings

2 hours ago Oxford Nanopore Technologies
2 hours ago AVI Global Trust
3 hours ago LSL Property Services
3 hours ago Bluebird Merchant Ventures (DI)
3 hours ago Power Probe PLC

All directors dealings today

Gross ultimate claims	2002ae	2003	2004	2005	2006	2007	2008	2009
		%	%	%	%	%	%	%
Marine
12 months		59.5	61.9	82.7	57.2	58.2	69.1	-
24 months		45.6	66.0	81.2	42.2	59.9	-	-
36 months		38.9	62.8	71.3	32.3	-	-	-
48 months		36.1	62.2	69.5	-	-	-	-
60 months		35.7	61.0	-	-	-	-	-
72 months		35.6	-	-	-	-	-	-
Position at 30 June 2009		35.2	58.8	70.5	29.0	54.0	71.4	-

Political risk and contingency
12 months		59.0	66.9	60.9	57.5	57.2	57.4	-
24 months		36.2	55.6	38.1	36.2	38.6	-	-
36 months		31.7	52.5	28.4	32.6	-	-	-
48 months		28.8	38.4	24.9	-	-	-	-
60 months		31.5	37.3	-	-	-	-	-
72 months		25.5	-	-	-	-	-	-
Position at 30 June 2009		25.5	35.7	22.1	33.3	46.4	62.0	-

Property
12 months		50.6	65.7	88.8	58.3	58.1	70.0	-
24 months		37.0	65.3	85.4	43.4	56.2	-	-
36 months		34.2	66.1	84.0	42.4	-	-	-
48 months		33.5	64.2	89.1	-	-	-	-
60 months		33.2	64.7	-	-	-	-	-
72 months		33.3	-	-	-	-	-	-
Position at 30 June 2009		33.1	63.4	91.6	42.5	54.1	69.7	-

Reinsurance
12 months		58.6	87.3	199.6	52.3	59.6	59.8	-
24 months		34.2	81.6	192.7	24.8	25.5	-	-
36 months		28.4	78.0	186.9	25.0	-	-	-
48 months		28.7	75.4	183.1	-	-	-	-
60 months		25.6	73.5	-	-	-	-	-
72 months		25.7	-	-	-	-	-	-
Position at 30 June 2009		25.5	72.4	179.9	23.8	25.5	59.8	-

Specialty lines
12 months		73.0	71.6	72.0	72.8	72.8	72.1	-
24 months		70.1	71.0	72.0	72.8	72.4	-	-
36 months		69.0	67.4	69.7	72.8	-	-	-
48 months		60.0	64.5	66.5	-	-	-	-
60 months		53.3	59.4	-	-	-	-	-
72 months		52.5	-	-	-	-	-	-
Position at 30 June 2009		50.9	59.3	64.9	72.2	72.4	72.1	-

Total
12 months		63.0	69.5	90.5	63.0	63.5	68.6	-
24 months		52.5	69.1	87.8	53.3	59.2	-	-
36 months		49.4	66.5	84.1	50.9	-	-	-
48 months		44.9	63.6	82.7	-	-	-	-
60 months		41.5	61.1	-	-	-	-	-
72 months		40.9	-	-	-	-	-	-
Position at 30 June 2009		40.1	60.2	82.1	50.4	58.3	69.0	-


Total ultimate losses(£m)	1,190.0	294.7	509.1	758.4	527.8	664.3	779.5	703.5	5,427.3
Less paid claims (£m)	(984.6)	(210.4)	(348.7)	(493.0)	(193.6)	(172.2)	(56.2)	(0.3)	(2,459.0)
Less unearned portion of ultimate losses (£m)	-	-	-	-	-	(63.4)	(204.1)	(579.3)	(846.8)
Gross claims liabilities (100% level) (£m)	205.4	84.3	160.4	265.4	334.2	428.7	519.2	123.9	2,121.5
Less unaligned share (£m)	(39.0)	(16.0)	(30.5)	(50.4)	(62.4)	(79.9)	(92.4)	(20.2)	(390.8)
Gross claims liabilities, group share (£m)	166.4	68.3	129.9	215.0	271.8	348.8	426.8	103.7	1,730.7

Net ultimate claims	2002ae	2003	2004	2005	2006	2007	2008	2009
		%	%	%	%	%	%	%
Marine
12 months		55.3	57.5	55.3	54.1	55.4	61.2	-
24 months		45.4	53.3	49.1	41.8	56.2	-	-
36 months		40.0	48.6	42.7	32.4	-	-	-
48 months		39.0	47.7	39.5	-	-	-	-
60 months		39.0	46.5	-	-	-	-	-
72 months		39.0	-	-	-	-	-	-
Position at 30 June 2009		38.5	45.8	39.5	31.4	53.3	62.2	-

Political risk and contingency
12 months		56.6	63.6	63.3	56.1	55.4	55.8	-
24 months		37.3	58.5	46.5	40.4	39.4	-	-
36 months		34.8	54.2	35.9	37.0	-	-	-
48 months		33.1	41.3	30.1	-	-	-	-
60 months		35.5	40.9	-	-	-	-	-
72 months		27.7	-	-	-	-	-	-
Position at 30 June 2009		27.7	36.1	26.4	39.1	46.0	60.7	-

Property
12 months		48.3	59.8	65.1	60.9	61.2	66.2	-
24 months		41.0	60.6	62.1	48.0	59.8	-	-
36 months		38.5	60.3	58.5	46.3	-	-	-
48 months		37.8	58.4	61.2	-	-	-	-
60 months		37.4	58.1	-	-	-	-	-
72 months		37.5	-	-	-	-	-	-
Position at 30 June 2009		37.4	57.4	61.6	45.9	58.3	67.9	-

Reinsurance
12 months		59.9	88.7	152.2	54.2	55.3	67.2	-
24 months		39.7	87.3	135.7	36.3	30.0	-	-
36 months		33.9	83.8	125.9	35.1	-	-	-
48 months		34.6	77.1	119.8	-	-	-	-
60 months		31.7	74.1	-	-	-	-	-
72 months		31.7	-	-	-	-	-	-
Position at 30 June 2009		31.6	72.3	114.9	33.3	30.0	67.2	-

Specialty lines
12 months		68.4	69.0	69.1	68.5	69.8	70.2	-
24 months		67.1	68.3	69.1	68.6	68.8	-	-
36 months		66.1	65.5	67.4	68.5	-	-	-
48 months		57.7	62.2	64.1	-	-	-	-
60 months		52.7	56.9	-	-	-	-	-
72 months		50.8	-	-	-	-	-	-
Position at 30 June 2009		48.9	56.4	61.7	68.0	68.8	70.2	-

Total
12 months		60.1	65.9	73.2	62.2	63.1	66.4	-
24 months		53.0	65.3	68.8	54.5	59.3	-	-
36 months		50.5	62.7	65.0	51.9	-	-	-
48 months		46.5	59.5	62.5	-	-	-	-
60 months		43.9	56.5	-	-	-	-	-
72 months		42.8	-	-	-	-	-	-
Position at 30 June 2009		41.8	55.6	60.8	51.4	59.1	67.0	-


Total ultimate losses(£m)	627.3	249.1	386.6	445.7	430.3	570.5	625.7	543.7	3,878.9
Less paid claims (£m)	(552.9)	(185.1)	(266.0)	(258.8)	(174.4)	(171.5)	(68.7)	(1.9)	(1,679.3)
Less unearned portion of ultimate losses (£m)	-	-	-	-	-	(47.7)	(145.4)	(438.4)	(631.5)
Gross claims liabilities (100% level) (£m)	74.4	64.0	120.6	186.9	255.9	351.3	411.6	103.4	1,568.1
Less unaligned share (£m)	(14.1)	(12.2)	(22.9)	(35.5)	(48.3)	(65.2)	(75.5)	(18.0)	(291.7)
Gross claims liabilities, group share (£m)	60.3	51.8	97.7	151.4	207.6	286.1	336.1	85.4	1,276.4

6 months ended 30 June 2009	Marine £m	Political risk and contingency £m	Property £m	Reinsurance £m	Specialty lines £m	Total £m

Current year	39.4	17.9	40.9	21.1	125.9	245.2
Prior year
- 2006 and earlier	(4.8)	(3.5)	(2.0)	(5.7)	(20.5)	(36.5)
- 2007 year of account	(4.2)	2.3	(1.4)	-	-	(3.3)
- 2008 year of account	0.8	1.8	1.5	-	-	4.1
	(8.2)	0.6	(1.9)	(5.7)	(20.5)	(35.7)

Net insurance claims	31.2	18.5	39.0	15.4	105.4	209.5

6 months ended 30 June 2008	Marine £m	Political risk and contingency £m	Property £m	Reinsurance £m	Specialty lines £m	Total £m

Current year	26.8	12.6	38.9	16.1	97.8	192.2
Prior year
- 2005 and earlier	(0.7)	(2.4)	0.6	(1.3)	(9.0)	(12.8)
- 2006 year of account	(3.9)	-	(1.1)	(0.2)	-	(5.2)
- 2007 year of account	(0.8)	-	(2.1)	(2.5)	-	(5.4)
	(5.4)	(2.4)	(2.6)	(4.0)	(9.0)	(23.4)

Net insurance claims	21.4	10.2	36.3	12.1	88.8	168.8

Year to 31 December 2008	Marine £m	Political risk and contingency £m	Property £m	Reinsurance £m	Specialty lines £m	Total £m

Current year	74.6	26.0	109.0	38.4	225.9	473.9
Prior year
- 2005 and earlier	(2.3)	(5.8)	2.1	(6.0)	(27.2)	(39.2)
- 2006 year of account	(10.5)	(1.1)	(3.5)	(0.3)	-	(15.4)
- 2007 year of account	-	(4.7)	(2.4)	(10.3)	(0.8)	(18.2)
	(12.8)	(11.6)	(3.8)	(16.6)	(28.0)	(72.8)

Net insurance claims	61.8	14.4	105.2	21.8	197.9	401.1

	6 months ended 30 June 2009 £m	6 months ended 30 June 2008 £m	Year to 31 December 2008
Current tax expense
Current year	19.8	12.9	20.7
Prior year adjustments	-	-	(0.7)
	19.8	12.9	20.0
Deferred tax expense
Origination and reversal of temporary differences	(20.5)	-	3.0
Prior year adjustments	-	-	(0.2)
	(20.5)	-	2.8
Income tax expense	(0.7)	12.9	22.8

Profit before tax	20.8	45.0	87.2

Tax calculated at UK/ Irish tax rates	5.8	12.6	24.9

Effects of:
- Tax rates in foreign jurisdictions	(8.3)	-	0.2
- Non-deductible expenses	1.8	0.3	1.5
- Tax relief on share based payments - current and future years	-	-	(2.9)
- Under/(over) provided in prior years	-	-	(0.9)
Tax (credit)/charge for the period	(0.7)	12.9	22.8

Fair value of net assets on acquisition		£m

Net assets		0.9
Pipeline profits acquired		3.2
Contribution receivable from syndicate 623		4.5
Goodwill		12.7
Less: transaction costs		(0.7)
Consideration paid		20.6