Zurich Insurance Group announced it has submitted an improved proposal to acquire 100% of Beazley plc, offering Beazley shareholders 1,280 pence in cash per share as it seeks to accelerate talks with the UK specialty insurer’s board.
Zurich said the proposed price represents what it described as “full value” for Beazley and is intended to facilitate prompt engagement. The insurer framed the bid as delivering immediate and certain value at a level it believes Beazley could not achieve “over a reasonable timeframe” through executing its standalone strategy outlined at Beazley’s Capital Markets Day on November 25, 2025.
The Swiss insurer detailed the premium embedded in the proposed price, citing a 56% uplift to Beazley’s closing share price of 820 pence on January 16, 2026, the last business day before Zurich submitted the proposal. Zurich also referenced a 56% premium to Beazley’s 30-day volume-weighted average price through January 16, a 27% premium to the median sell-side analyst target price it cited, and a 32% premium to Beazley’s all-time high share price of 973 pence on June 6, 2025.
Zurich’s announcement follows earlier approaches. It said it submitted a prior proposal on January 4, 2026, to acquire Beazley for 1,230 pence in cash per share, which Beazley’s board rejected on January 16 as “significantly undervaluing” the company. Zurich noted that any offer price would be reduced by the amount of any dividends declared or paid by Beazley after the announcement date.
Strategically, Zurich positioned a potential deal as creating a global specialty insurance leader with approximately $15 billion of gross written premiums, combining Zurich’s scale, data access, and underwriting capabilities with Beazley’s Lloyd’s of London presence. Zurich said the combined business would be based in the UK and align with the strategic priorities it outlined at its Investor Day on November 18, 2025.
Zurich said the transaction would be funded through existing cash and new debt facilities, with the remainder financed through an equity placing, and would be accretive to its 2027 financial targets. Zurich also pointed to its recent creation of a Global Specialty Unit, noting that its existing specialty business had about $9 billion in premiums in 2024.
Under the UK Takeover Code, Zurich said there is no certainty that an offer will be made. It disclosed that it must do so by no later than 5:00 p.m. London time on February 16, 2026, either announce a firm intention to make an offer or announce that it does not intend to proceed, unless the Takeover Panel grants an extension.
Zurich also disclosed that it currently holds an interest in 8,784,065 Beazley ordinary shares, representing about 1.465% of Beazley’s issued ordinary share capital, and stated that if it were to make an offer, it would be required under certain takeover rules to offer no less than 825 pence per share, subject to further confirmations regarding any dealings by persons acting in concert with it.
