Fitch rates Beazley notes BBB+

Fitch Ratings said it assigned a BBB+ rating to Beazley Insurance DAC’s proposed sale of subordinated tier 2 notes.

The notes are two notches below Beazley’s long-term issuer default rating to reflect the below-average recoveries and moderate risk of non-performance, Fitch said.

Proceeds will be used to fund Beazley and the Beazley Group’s underwriting activities, to support growth plans, to repay debt and for general corporate purposes.

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