Transition to IFRS

Beazley Group PLC
01 July 2005


1 July 2005

                                Beazley Group plc
    
                               Transition to IFRS

In June 2002, the European Union approved a regulation ('2005 Regulation')
requiring all listed companies in the EU to adopt international financial
reporting standards ('IFRS') from 1 January 2005. Therefore, we have adopted
IFRS from 1 January 2005 with the first IFRS financial statements being
published for the six month period ending 30 June 2005. These will be published
on 7 September 2005 with all comparatives restated.

The following is a summary of the unaudited financial impact on transition to
IFRS.

                                UK GAAP         IFRS Adj.         IFRS

Year ended 31 December 2004
Profit before tax                33.4             2.0             35.4
Profit after tax                 23.4             1.4             24.8
Earnings per share                9.3 p           0.6 p            9.9 p

As at 31 December 2004
Shareholders' Funds             278.0            (0.4)           277.6
Net assets per share               77 p            -                77 p

Adoption of IFRS will have:

• No material impact on financial results at 31 December 2004
• No changes to our underlying insurance activities, operations and cash flows
• No changes to accounting for insurance and reinsurance contracts
• No changes to our previously stated dividend policy

More details of the transition to IFRS are included on our website:
www.beazley.com

For further information, please contact:

Beazley                            Tel: [phone]
Andrew Horton

Finsbury                           Tel: [phone]
Melanie Gerlis
Amanda Lee




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