Beazley placing raises £350m

Insurer Beazley said it had raised £350m from its recent placing and would use the funds to support organic growth.

The company said it had placed 61m new shares, representing 9.99% of the its issued ordinary share capital, with strong support from existing shareholders. The issue price of 575 pence each represents a discount of 8% to the closing share price of 625 pence on 15 November 2022.