May 19, 2020 / 6:20 AM / in 18 days

Beazley raises $301 mln after share placing

LONDON, May 19 (Reuters) - Specialist insurer Beazley plc has raised 247 million pounds ($301.83 million) in fresh capital after a placing of more than 78.5 million new ordinary shares at 315 pence each.

The placing price represents a discount of 4.9% to its closing share price of 331.4 pence on Monday, while the shares issued represent approximately 15% of its existing issued ordinary share capital.

The Lloyds of London syndicate member estimated coronavirus-related claims at $170 million last month after reporting a $55 million loss in the first quarter due to this year’s selloff in financial markets.

It expects the cost of the pandemic across the political, accident and contingency division, which includes event cancellation, personal accident and accident and health, to be around $70 million net of reinsurance. ($1 = 0.8183 pounds) (Reporting By Sinead Cruise, editing by Lawrence White)

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