Summary: Beazley PLC Oct 11

Standard & Poors, October 2011

Abstract
The 'BBB+' long-term counterparty credit rating on Ireland-domiciled Beazley PLC reflects its position as the current holding company of the group (Beazley). The group's principal source of earnings is derived from its participation in Beazley Furlonge - Syndicate 0623/2623/3622/3623 (Lloyd's Syndicate Assessment '4/Stable'), which operates within the Lloyd's Insurance Market (Lloyd's or the Market; insurer financial strength rating, A+/Stable/--). The rating primarily reflects key features of Beazley's operating profile, including strong competitive position, Syndicate 0623/2623/3622/3623's strong earnings, and strong enterprise risk management. These strengths are partially offset, however, by increased catastrophe and investment risk tolerance which adds volatility to capitalization, and potential execution risk of the long-term growth strategy. Beazley's strong competitive position is derived from its long history of...

Companies mentioned in this report are: Beazley PLC,Lloyd's,Beazley Furlonge Ltd. - Syndicate 0623/2623/3622/3623
Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Beazley PLC,Lloyd's,Beazley Furlonge Ltd. - Syndicate 0623/2623/3622/3623

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