City news: premier oil and lloyd's insurer beazley
City news: premier oil and lloyd's insurer beazley"
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PREMIER OIL IN DEBT PILE DEAL The arrangements after months of negotiations will enable the North Sea producer, which had net debt of $2.8billion (£2.2billion) at the end of last year, to
stretch out repayments. Its net debt must be less than $2.95billion by the end of 2018, while the terms also list governance controls including annual approval over Premier’s capital
spending and exploration budgets, final sanction of projects and approval rights relating to acquisitions and disposals. The deal is expected to complete in May. INSURER BEAZLEY’S US GOAL
Investment returns helped Lloyd’s insurer Beazley post a 3 per cent rise in annual profit. Shares in the FTSE 250 company rose 26¼p to 435p as it shrugged off falling premium rates and
avoided fallout from catastrophe claims. Pre-tax profit was $293.2million (£234million) as overall premium growth doubled to 6 per cent to $2.2billion. Chairman Dennis Holt said it is
targeting “significant” growth opportunities in the US. But he warned the London market faces a “more challenging” future: “If the claims environment deteriorates the consequences of
writing risk at these rates will become clearer.”
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