Beazley PLC CEO remuneration package (3878U)
April 01 2021 - 10:43AM
UK Regulatory
TIDMBEZ
RNS Number : 3878U
Beazley PLC
01 April 2021
Beazley plc
London, 1 April 2021
This is a repeat of the earlier announcement with an amended
headline for clarity.
Beazley plc - Remuneration Disclosure
Beazley plc (the "Company") announces that remuneration
arrangements for Adrian Cox and Andrew Horton will be in-line with
the Company's Directors' Remuneration Policy as approved at the
2020 AGM.
Andrew Horton's remuneration on departure
Andrew will continue to receive salary, pension and benefits
until 1 September 2021. He will not be eligible for an annual bonus
in respect of the current financial year.
All unvested LTIP and deferred share awards lapse on Andrew's
departure, in-line with the relevant plan rules.
Adrian Cox's remuneration on appointment
Adrian's base salary on appointment is set at GBP507,500,
in-line with the Andrew Horton's current salary. His pension
benefit is unchanged at 12.5% of salary, in-line with the pension
opportunity available to the workforce. His maximum bonus
opportunity for 2021 is unchanged at 400% of salary.
Adrian's maximum LTIP opportunity for 2021 is set at 200% of
salary, in-line with the Policy for the CEO.
A grant of nil cost options under the Beazley plc Long Term
Incentive Plan ("LTIP") over the Company's ordinary shares of 5
pence each was made to Adrian on 1 April 2021 to align his LTIP
opportunity with the policy for the CEO.
Director Number of nil-cost options
over ordinary shares
Adrian Cox 113,079
---------------------------
There was no consideration for the grant of the award and the
exercise price is nil. Ordinarily, 50% of each award will vest on
the third anniversary of the date of grant and will be subject to a
2-year holding period commencing on the vesting date. Ordinarily
the second 50% of each award will become exercisable on the fifth
anniversary of the date of grant. The award will vest to the extent
that the performance condition is satisfied and it is also subject
to the participant meeting both shareholding requirements and to
their continued employment.
For further information please contact:
Beazley plc
Christine Oldridge
+44 (0)20 7674 7758
The relevant notifications set out below are provided in
accordance with the requirements of Article 19 of the EU Market
Abuse Regulation (No. 596/2014).
Notification of transactions of persons discharging managerial
responsibility or connected persons
1 Details of the person discharging managerial responsibilities/person
closely associated
a) Name Adrian Cox
--------------------------------------- -----------------------------------
2 Reason for the notification
----------------------------------------------------------------------------
a) Position/status Director
--------------------------------------- -----------------------------------
b) Initial notification/amendment Initial notification
--------------------------------------- -----------------------------------
3 Details of the issuer, emission allowance market
participant, auction platform, auctioneer or auction
monitor
----------------------------------------------------------------------------
a) Name Beazley plc
--------------------------------------- -----------------------------------
b) LEI 213800VTOMUWD41GIT12
--------------------------------------- -----------------------------------
4 Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type
of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
----------------------------------------------------------------------------
a) Description of the Ordinary shares of 5 pence each
financial instrument,
type of instrument GB00BYQ0JC66
Identification code
---------------------------------- ----------------------------------------
b) Nature of the transaction Grant of share options under
the Beazley plc Long Term Incentive
Plan ('LTIP').
---------------------------------- ----------------------------------------
c) Price(s) and volume(s) Transaction Price(s) Volume(s)
LTIP 0.00p 113,079
--------- ----------
---------------------------------- ----------------------------------------
d) Aggregated information
- Aggregated volume n/a
- Price n/a
---------------------------------- ----------------------------------------
e) Date of the transaction 1 April 2021
---------------------------------- ----------------------------------------
f) Place of the transaction Grant of the options occurred
outside a trading venue.
---------------------------------- ----------------------------------------
Note to editors:
Beazley plc (BEZ.L), is the parent company of specialist
insurance businesses with operations in Europe, North America,
Latin America and Asia. Beazley manages six Lloyd's syndicates and,
in 2020, underwrote gross premiums worldwide of $3,563.8 million.
All Lloyd's syndicates are rated A by A.M. Best.
Beazley's underwriters in the United States focus on writing a
range of specialist insurance products. In the admitted market,
coverage is provided by Beazley Insurance Company, Inc., an A.M.
Best A rated carrier licensed in all 50 states. In the surplus
lines market, coverage is provided by the Beazley syndicates at
Lloyd's.
Beazley's European insurance company, Beazley Insurance dac, is
regulated by the Central Bank of Ireland and is A rated by A.M.
Best and A+ by Fitch.
Beazley is a market leader in many of its chosen lines, which
include professional indemnity, cyber liability, property, marine,
reinsurance, accident and life, and political risks and contingency
business.
For more information please go to: www.beazley.com
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