REG - Beazley PLC - Share repurchase programme

BeazleyAnnouncement

05/03/2025 07:00

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RNS Number : 3532Z  Beazley PLC  05 March 2025

Beazley plc

 

London, 5 March 2025

 

Share repurchase programme

 

Beazley plc announces that, as outlined in its announcement on 4 March 2025,
the Board has approved a share repurchase programme to return up to a maximum
aggregate amount of $500 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 J.P. Morgan Securities plc 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 67,254,244
shares obtained under the 2024 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 28 February 2026.

 

•      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•      The Company confirms that it currently has no unpublished inside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 9 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 4 March 2025, the Company's total issued share capital
consisted of 639,002,140 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 639,002,140.

 

For further information:

 

Investors and analysts

 

Sarah Booth

+44 (0) 207 6747582

 

Media

 

Sam Whiteley

+44 (0) 207 6747484

 

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 2024, underwrote gross premiums
worldwide of $6,164.1million. 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 (https://www.beazley.com/)

 

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