Zurich agrees £8bn takeover terms for Beazley

Zurich has agreed an £8bn deal in principle to buy UK insurer Beazley.

In a joint statement this morning (4 February 2026), Zurich and Beazley confirmed that they had reached an agreement in principle on the key financial terms of a possible recommended cash offer.

Under the terms, Beazley shareholders would be entitled to receive a total value of up to 1,335 pence per Beazley share, with shareholders also set to receive a 25p dividend alongside the deal.

This comes two weeks after Beazley rejected a proposal that equates to 1,280 pence in cash per share.

However, after considering the latest proposal, Beazley said the board “concluded that the financial terms of the proposal are at a level that it would be minded to recommend to Beazley shareholders should a firm intention to make an offer be announced on these financial terms”.

Next steps

The deal represents premium of 59.8% to Beazley’s closing share price of 820 pence on 16 January 2026, being the last business day prior to the offer period.

Zurich believes taking over Beazley would help to establish a leading global specialty platform, based in the UK, that would bring in around $15bn (£11.1bn) of GWP.

”Zurich looks forward to commencing its confirmatory due diligence on Beazley and working with Beazley towards a binding offer announcement,” Zurich said.

Under UK takeover code rules, Zurich is required – by no later than 5pm London time on 16 February 2026 – to either announce a firm intention to make an offer for Beazley or to announce that it does not intend to make an offer.