Potential New Syndicate

Beazley Group PLC
28 November 2005



                                                             28th November, 2005


                 Potential Formation of a New Lloyd's Syndicate


Beazley Group plc ('Beazley') has been approached by a number of
capital providers who have expressed interest in potentially supporting a new
Lloyd's syndicate. In order to meet Lloyd's timetable and other regulatory
requirements, Beazley has written to the existing underwriting members of
Syndicate 623 seeking their approval for the proposed formation of Syndicate
3623 and has offered them the opportunity to participate on a limited tenancy
basis. The proposed underwriting capacity of Syndicate 3623 would be up to £200
million for the 2006 year of account.

If Beazley proceeds with the formation of Syndicate 3623, it would enable
Beazley's underwriters to meet the anticipated increase in demand from brokers
and clients following the substantial losses from this year's hurricane season.
It is intended that Syndicate 3623 would be operational during the current year
end renewal season, operating alongside Syndicates 623/2623. This would enable
the Beazley team to underwrite additional property insurance, property
reinsurance and marine energy business, in excess of the Syndicates' 623/2623
business plan. Beazley would receive fees and profit commissions for managing
Syndicate 3623 and would take a modest participation on Syndicate 3623, to be
funded out of Beazley's existing resources.

At this stage there can be no assurance that Beazley will proceed with the
proposed formation of Syndicate 3623 however Beazley will keep shareholders
informed of any material developments.


                                    --ENDS--

Contacts:

For all investor or analyst enquires please contact:

Beazley Group plc                                     Tel. [phone]
Andrew Beazley, Chief Executive


For all media enquires please contact:

Finsbury                                              Tel: [phone]
Simon Moyse
Amanda Lee


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