Zurich confirms plans to launch Lloyd’s syndicate amid Beazley bid

Zurich is currently preparing to launch a Lloyd’s syndicate, a spokesperson for the insurer confirmed to Insurance Times.

The Financial Times recently reported that the launch could be in a “matter of weeks”, with chief executive Mario Greco telling the publication that the insurer was finalising plans for the syndicate.

A Zurich spokesperson confirmed that this was the case to Insurance Times, although would not comment further.

It comes after Zurich announced on Monday (19 January 2026) that it wanted to acquire Beazley and had put forward a takeover proposal that equates to 1,280 pence in cash per share.

However, Beazley reacted by saying that its board “has not yet had the chance to consider” the bid and urged its shareholders “to take no action”.

The Financial Times said in its report that estbalishing a syndicate would give Zurich access to private capital to back risks underwritten at Lloyd’s and that “doing so would provide Zurich with another avenue into the market if its takeover bid for Beazley was rejected”.

Why does Zurich want Beazley?

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.

It comes after Zurich’s global P&C business generated gross written premium (GWP) of $47bn (£35bn) in 2024, of which $5bn (£3.7bn) came from the UK.

Zurich felt the suggested transaction with Beazley would deliver attractive returns for both Zurich’s and Beazley’s shareholders.

It added: “Zurich’s offer price provides full value for Beazley across all relevant metrics and is designed to facilitate prompt engagement.”