Zurich takeover of Beazley moves forward as £8.1bn terms officially agreed

Zurich has officially agreed to acquire UK insurer Beazley.

In a joint statement today (2 March 2026), Zurich and Beazley said they had agreed the terms of a recommended all-cash offer.

Under the terms of the transaction, Beazley shareholders will be entitled to receive a total value of 1,335 pence per Beazley share. This values the deal at around £8.1bn.

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 builds on the investments Zurich has already made in developing its specialty franchise, which wrote $9bn of specialty GWP as at 31 December 2025.

Zurich statement

Zurich also believes the deal will expand its market reach and distribution with a broader specialty product range and access to Lloyd’s and, in particular, will support clients in secular growth areas such as infrastructure and technology.

“The transaction places a clear emphasis on retaining and developing underwriting talent and preserving the underwriting cultures that underpin the strong performance of both businesses, with London expected to remain the key hub for the combined group’s global specialty operations,” the insurer said.

Mario Greco, chief executive at Zurich, added: “This transaction is a strong step in accelerating Zurich’s specialty strategy.

”Together with Beazley, we will create the world’s leading specialty underwriter, with around $15bn of pro forma GWP, exceptional underwriting expertise and data capabilities and leading access to global distribution.

”Leveraging Beazley’s established Lloyd’s platform, the combined specialty business will be headquartered in London and will be a powerful platform for long-term growth in specialty lines.”

Beazley statement

Beazley directors intend to unanimously recommend that scheme shareholders vote in favour of the scheme at the court meeting and Beazley shareholders vote in favour of the Beazley resolutions to be proposed at the general meeting.

The scheme can be used to action the reorganisation of a company or group structure.

Adrian Cox, chief executive at Beazley, said: “Beazley relentlessly prioritises underwriting discipline, combined with a culture of innovation, to achieve growth and deliver success. This has made us a leading global brand in specialty insurance.

”Today’s announcement signals our joint intent to build a $15bn global specialty leader, with Beazley at its core. It will be a leading provider in cyber, a top-10 participant in the US excess and surplus lines market and the leader at Lloyd’s.”