Finance
Zurich Insurance wins over UK's Beazley with sweetened $11 billion bid proposal
Published by Global Banking & Finance Review®
Posted on February 4, 2026
2 min readLast updated: February 4, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on February 4, 2026
2 min readLast updated: February 4, 2026
Zurich Insurance Group will acquire UK insurer Beazley for 1,335 pence per share, enhancing its market presence.
By Raechel Thankam Job
Feb 4 (Reuters) - UK speciality insurer Beazley would recommend a sweetened 8 billion pound ($10.97 billion) takeover by Zurich Insurance once the Swiss firm makes a firm offer, it said on Wednesday after rejecting previous multiple bids.
Under the improved proposal, Europe's second-largest insurer, Zurich Insurance, would pay 1,310 pence per share in cash plus permitted dividends of up to 25 pence per share, valuing Beazley at up to 1,335 pence per share.
Beazley rejected a 1,280 pence per share offer from Zurich in January having also rejected a 1,315 pence offer last June.
Beazley's board said it was minded to recommend the offer should Zurich make a formal offer by February 16 under UK takeover rules.
'RISKS SHOULD BE LOW'
Shares in Beazley jumped as much as 9% to a record high of 1,265p.
"After announcement it would seem risks should be low – both from any potential competing offer and indeed in terms of threat to closing," Mark Kelly, CEO of advisory firm MKI Global, said.
Buying Beazley would give Zurich a stronger foothold in speciality insurance, covering areas such as cyber, marine, aviation and space, and fine art, while also expanding in Britain at a time when its exposure to the U.S. and the weak dollar have weighed on its performance and shares.
"Zurich looks forward to commencing its confirmatory due diligence on Beazley and working with Beazley towards a binding offer announcement," it said in a joint statement.
The takeover would also mark the latest foreign bid for a London-listed company, with relatively lower UK valuations continuing to attract overseas buyers.
The Swiss insurer had disclosed a 1.47% stake in Beazley on Monday.
($1 = 0.7292 pounds)
(Reporting by Raechel Thankam Job in Bengaluru and Anousha Sakoui in London; Editing by Nivedita Bhattacharjee, Rashmi Aich and Elaine Hardcastle)
An acquisition is a corporate action in which one company purchases most or all of another company's shares to gain control of that company.
A takeover occurs when one company makes a bid to assume control of another company, often by purchasing a majority of its shares.
A specialty insurer focuses on providing insurance coverage for specific types of risks or industries, often catering to niche markets.
A share is a unit of ownership in a company, representing a claim on part of the company’s assets and earnings.
A proposal in finance refers to a formal suggestion or plan put forward for consideration, often related to investments or business transactions.
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