’Zurich has commenced a period of confirmatory due diligence and, with the support of the board and management of Beazley, that process is progressing as planned,’ says statement
Zurich has secured an extension to finalise its proposed acquisition of Beazley.
In a joint statement on 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.
The statement noted that 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.
However, this deadline has been moved to 4 March 2026, as the Swiss insurer navigates regulatory approvals and due diligence on Beazley.
”Zurich has commenced a period of confirmatory due diligence and, with the support of the board and management of Beazley, that process is progressing as planned,” a statement released this morning (16 February) said.
”The parties are simultaneously discussing the detailed terms of the transaction and progressing definitive transaction documentation. Accordingly, the board of Beazley has requested, and the takeover panel has consented to, an extension of the PUSU deadline.”
Deal terms
Under the terms of the deal, 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.
Read: Zurich attempting to acquire UK insurer Beazley as major bid made
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The deal represents a 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.
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”.
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