Syndicate Forecasts

Beazley Group PLC
03 December 2002

                                                                 3 December 2002


                                  NEWS RELEASE

                               Beazley Group plc

     Updated Syndicate Quarterly Results Forecasts and 2003 Capacity

Updated Syndicate Forecasts

Beazley Furlonge, the leading Lloyd's managing agency owned by Beazley Group plc
('Beazley'), has updated its forecasts of the results of its managed Lloyd's
Syndicate 623 in respect of the 2000 and 2001 years of account.

The forecasts, which are set out below, are expressed as a percentage of
capacity and are after standard Names' expenses including agent's fees and
commission.  These include the Directors' estimated effects of the 11 September
terrorist attacks, which have not changed since September 2001.


Year of Account            Current Estimate           Previous Estimate          Capacity

2000                       (1.3)% - 3.7%              (0.4)% - 4.6%              £125.2m
2001                       (2.5)% - 2.5%              (2.5)% - 2.5%              £215.3m

Beazley's exposure to these prior years of account is limited to its small
retained underwriting participations on Syndicate 623's 2000 and 2001 years of
account (being £5 million and £4 million of capacity respectively).

The underwriting capacity managed by the Beazley Group in 2002 was £403m.

2003 Capacity

As announced on 7 November 2002, the net proceeds of Beazley's recent IPO enable
the group to increase significantly its participation in the business of
Syndicate 623.

With effect from 1 January 2003, Beazley Furlonge will manage both Syndicate 623
and Syndicate 2623 as a single underwriting unit, with all business shared on a
pro rata basis, split accordingly:


Syndicate                           Capacity Split                      Capacity

Syndicate 2623                      50%                                 £330m
Syndicate 623                       50%                                 £330m

Total                               100%                                £660m

Andrew Beazley, Chief Executive of Beazley, commented:

'Strong rates and trading conditions continue to improve across all of our core
markets. Following our successful IPO this quarter, Beazley can now concentrate
on creating value from an excellent underwriting environment.'

For further information, please contact:
Beazley Group plc                                     Tel:  [phone]
Andrew Beazley
Arthur Manners
Nicholas Furlonge

Finsbury
Melanie Gerlis                                        Tel:  [phone]
Anthony Silverman




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