Beazley PLC Oct 11

Standard & Poors, October 2011

Abstract
Strong competitive position, benefiting from membership of the Lloyd's Market and the developing U.S. operations. Strong earnings from the participation in Beazley Furlonge - Syndicate 0623/2623/3622/3623. Strong enterprise risk management. Increased catastrophe and investment risk tolerance adds volatility to capitalization. Potential execution risk of long-term growth strategy. 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,...

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.

Research Type: Full Analysis

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

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