Beazley has conditionally agreed to raise £150m of lower tier two long term subordinated debt, through the issue of fixed / floating rate subordinated notes due 2026.
The proceeds of the issue will be used to replace an existing short term facility and to support opportunities to grow the business as they arise.
Andrew Horton, group finance director said: “We are enthusiastic about our debut in the debt markets and are delighted that it was so heavily over subscribed. The £150m of subordinated debt, which this Issue will raise, will further strengthen our balance sheet.”
Andrew Beazley, chief executive added: “The rating Beazley received from Standard & Poor's and investor demand for the issue are a positive endorsement of the direction the business is taking. The insurance industry is going through an exciting phase and a well-structured balance sheet will support future development.”
