BEAZLEY ACQUISITION INCREASES CAPACITY AT TWO SYNDICATES

UK-based insurance group Beazley has bought the entire issued share capital of Santam Corporate Ltd from Santam UK for £14.4m in cash, Beazley announced this morning. Santam Corporate Ltd participates solely on syndicate 623 with a capacity of £19.0m and the purchase increases Beazley’s share of the combined capacity for syndicates 623 and 2623 to 81% of the £860m total, equal to £697m. Beazley said that, because of the group’s reduced capital requirement for 2007, the additional capacity would not require additional funds to be lodged at Lloyd’s. For full-year 2005 Santam Corporate Ltd made a pre-tax profit of £1m and had net assets of £10.8m.