FRN Variable Rate Fix

BEAZLEY GROUP PLC
                  

As Agent Bank, please be advised of the following rate determined on:24-Aug-2005

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-Aug-2005    to   28-Nov-2005  Payment Date 28-Nov-2005
Number of Days      : 94
Rate                : 7.49063
Denomination    US  : 1,000.00   18,000,000.00

Amount Payable 
per Denomination    : 19.56      352,059.61

Institutional       Telephone   [phone]
Trust Services      Facsimile   44(0) 1202 34 7438