’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,’ says Zurich
Zurich has announced that it wants to acquire 100% of insurer Beazley and approached the firm with a takeover proposal.
Zurich said that on 4 January 2026, it submitted 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.
In turn, Zurich has put forward an improved proposal to the board of Beazley today (19 January). Under the terms, Beazley shareholders would be entitled to receive 1,280 pence in cash per share.
Zurich has reiterated to Beazley its desire to proceed at pace. The Swiss insurer also felt the offer price provides full value for Beazley across all relevant metrics and is designed to facilitate prompt engagement.
Why does Zurich want Beazley?
Zurich wants to do this deal as it believes the transaction would create a global leader in specialty insurance, with $15bn of gross written premiums (GWP), more data availability and underwriting expertise, leading market and distribution capabilities and enhanced reinsurance and technology infrastructures.
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”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,” Zurich said.
”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.”
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.
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
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