’We will update shareholders in due course,’ says Beazley statement
Beazley has urged its shareholders “to take no action” after Zurich approached the insurer with a takeover proposal.
In a statement, Beazley said its board ”has not yet had the chance to consider” the bid, which was received yesterday (19 January 2026).
Under the terms, Beazley shareholders would be entitled to receive 1,280 pence in cash per share.
Beazley said it will ”update shareholders in due course” about the proposal.
”In the meantime, Beazley shareholders are urged to take no action,” the insurer added in a statement.
“This announcement has been made by Beazley without the consent of Zurich.”
Zurich view
Zurich first approached Beazley on 4 January 2026, submitting a proposal of 1,230 pence in cash per Beazley share. This was rejected, however, with Zurich being told on 16 January that the deal was ”significantly undervaluing” Beazley.
Read: Zurich UK promotes for new operations director
Read: Zurich UK reveals men embracing flexible working has grown by nearly 50%
Explore more M&A-related content here, or discover other news stories here
It returned with an improved bid as it believes the transaction would create a global leader in specialty insurance.
Zurich has reiterated to Beazley its desire to proceed at pace. The Swiss insurer also felt the latest offer price provides full value for Beazley across all relevant metrics and is designed to facilitate prompt engagement.
Zurich said in its own statement: ”This combination of two highly complementary businesses would establish a leading global specialty platform, based in the UK which would also leverage Beazley’s Lloyd’s of London presence.
”The transaction would be in line with the strategic priorities indicated at Zurich’s Investor Day on 18 November 2025.
”It would be funded through existing cash and new debt facilities, with the remainder funded through an equity placing, and would be accretive to Zurich’s 2027 financial targets.”
His career began in 2019, when he joined a local north London newspaper after graduating from the University of Sheffield with a first-class honours degree in journalism.
He took up the position of deputy news editor at Insurance Times in March 2023, before being promoted to his current role in May 2024.View full Profile
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
No comments yet