Beazley announced a rights issue this week with the funds raised going to a combination of acquisitions and upping its stake in its Lloyd's syndicate.

Part of the £105m the insurer is hoping to raise will go towards the acquisition of US admitted lines insurer Omaha Property and Casualty Insurance, with another chunk going towards increasing Beazley's stake in its syndicates from 54% to "at least" 70% for 2005.