Update on proposed syndicate

Beazley Group PLC
23 December 2005



                                                                23 December 2005


        Beazley Decides Not To Go Ahead With Formation of New Syndicate

Beazley Group plc announces it has completed its strategic appraisal into the
possible formation of a new syndicate and has decided not to proceed due to the
inability to reach agreement with investors on a structure that would satisfy
the Beazley Group's objectives.


                                      ends

Contacts:

Finsbury:

Simon Moyse
020 7251 3801 or 07810 505473

Beazley:

Andrew Beazley, Andrew Horton, or Nick Furlonge
020 7667 0623

Notes to editors:

1.      On November 28th 2005 Beazley Group plc announced that it had been
approached by a number of capital providers who had expressed interest in
potentially supporting a new Lloyd's syndicate.

2.      Beazley Group, plc (BEZ.L), founded in 1986, is the parent company of
specialist insurance businesses with operations in the UK and the United States.
Beazley manages two Lloyd's syndicates (Syndicate 2623 and Syndicate 623) with
aggregate underwriting capacity in 2006 of £830 million. Both syndicates are
rated 'A' by A.M. Best. The Beazley syndicates focus on specialist risk business
in selected markets, including professional indemnity, commercial property,
marine, reinsurance, and personal lines. Beazley is a market leader in many of
its chosen segments.

3.      In the United States, Beazley's underwriters focus on writing specialist
insurance products in the admitted market, backed by Beazley Insurance Company,
Inc., a US admitted carrier in all 50 states; and surplus lines risks, backed by
the Beazley syndicates at Lloyd's. Beazley Insurance Company is rated 'A-' by
A.M. Best. For more information go to www.beazley.com



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