SAR - BEAZLEY GROUP PLC

    Amvescap PLC



Lodge with a RIS or Newstrack if appropriate and the Takeover Panel.
A copy must also be sent to the company the shares of which are acquired.

                                                        Date of disclosure 19 DECEMBER 2003

                      DISCLOSURE UNDER RULE 3 OF THE RULES GOVERNING
                        SUBSTANTIAL ACQUISITIONS OF SHARES ("SARs")

Date of acquisition  18 DECEMBER 2003

Acquisition in (name of company) ... BEAZLEY GROUP PLC

    (1) Class of voting shares       Number of shares/rights      If rights over
      (eg ordinary shares)         over shares acquired         Shares acquired,
                                                                as opposed to the
                                                                shares themselves,
                                                                specify nature of
                                                                rights

      ORDINARY 5p                  1,450,000 shares
                                 - N/A    rights                               -

    (2)  Resultant total holding      Resultant total holding      Total percentage
      of voting shares (and %      of rights over shares
      of total voting shares       (and % of total voting
      in issue)                    shares in issue)

           47,277,773 (20.60%)                           -         47,277,773 (20.60%)

   (3)Party making disclosure ..... AMVESCAP PLC

    (4)   (a)  Name of person acquiring shares or rights over shares
                  DISCRETIONARY MANAGED CLIENTS OF AMVESCAP
       and, if different, beneficial owner

      (b)  Names of any other persons acting by
           agreement or understanding (see SAR 5)


Signed, for and on behalf of the party named in (3) above .. R CLYDE

(Also print name of signatory) .... ROBERT CLYDE

Telephone and extension number .... 020 7065 3720

Note.    Under SAR 5, the holdings of and acquisitions by persons acting
by agreement or understanding must be aggregated and treated as a
holding of or acquisition by one person. Note 3 on SAR 5 requires
persons who must aggregate holdings to disclose certain disposals


For full details of the SARs disclosure requirements, see Rules 3 and 5 of the
SARs. If in doubt, contact the Panel on Takeovers and Mergers, Monitoring
Section. Tel. No: 020 7638 0129. Email:[e-mail]