FRN Variable Rate Fix - Amendment

BEAZLEY GROUP PLC
                  

As Agent Bank, please be advised of the following rate determined on:23-Feb-2006

Issue               : Beazley Group plc
                      USD 18,000,000 Subordinated FRN due 24 Nov 2034
ISIN Number         : CMB000026837
Common Code/
144A ISIN           : 
Issue Nomin     USD : 18,000,000.00
Period              : 26-Feb-2006 to 26-May-2006      Payment Date 26-May-2006
Number of Days      : 89
Rate                : 8.45
Denomination    US  : 1,000.00   18,000,000.00
Amount Payable 
per Denomination    : 20.89      376,025.00

Institutional       Telephone   [phone]
Trust Services      Facsimile   44(0) 1202 34 1267