FRN Variable Rate Fix

BEAZLEY GROUP PLC
                  

As Agent Bank, please be advised of the following rate determined on:23-Nov-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              : 28-Nov-2005 to 27-Feb-2006  Payment Date 27-Feb-2006
Number of Days      : 91
Rate                : 8.04
Denomination    US  : 1,000.00   18,000,000.0

Amount Payable 
per Denomination    : 20.32      365,820.00

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