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London-based insurer Beazley Group P.L.C. has raised £150 million through a debt issue.
The proceeds of the debt issue will be used to replace existing debt, as well as support growth opportunities in its business as they arise, Beazley said in a statement. Andrew Horton, group finance director at Beazley said: "We are enthusiastic about our debut in the debt markets and are delighted that it was so heavily oversubscribed. The £150m of subordinated debt, will further strengthen our balance sheet.
Andrew Beazley, chief executive of Beazley added in a statement: "The rating Beazley received from Standard & Poor's and investor demand for the issue is 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."
Earlier this week, Beazley announced that it had opened an office in Paris, its first in France.