Zurich Insurance makes £7.7 billion Beazley takeover tilt

19 Jan 2026, 14:16

UCapital Media

Zurich Insurance Group AG on Monday said it has tabled a GBP7.7 billion bid for Beazley PLC, after the London-listed insurer rebuffed a takeover tilt earlier this month.

Beazley shares jumped 41% to 1,152.00 pence in London on Monday afternoon, giving it a market capitalisation of GBP5.06 billion.

Zurich said it has made a 1,280 pence per share cash proposal to acquire Beazley. The deal would value Beazley at GBP7.67 billion.

"Zurich has reiterated to Beazley that given its desire to proceed at pace, Zurich's offer price provides full value for Beazley across all relevant metrics, and is designed to facilitate prompt engagement," Zurich said.

The offer is a 56% premium to Beazley's 820p closing price on Friday.

The latest move follows a GBP7.37 billion proposal, 1,230p per share, made on January 4. According to Zurich, this tilt was rejected by Beazley on Friday.

Zurich added: "Zurich believes that its proposal provides Beazley shareholders immediate and certain cash value for their investment at a level that exceeds what Beazley could achieve over a reasonable timeframe through the execution of its strategy (as set out at Beazley's capital markets day on 25 November 2025), and fully reflects Beazley's fundamental value.

"The transaction would create a global leader in Specialty insurance with [around] USD15 billion of gross written premiums, exceptional data availability and underwriting expertise, leading market and distribution capabilities and outstanding reinsurance and technology infrastructures. This combination of two highly complementary businesses would establish a leading global Specialty platform, based in the UK which would also leverage Beazley's Lloyd's of London presence. The transaction would be in line with the strategic priorities indicated at Zurich's investor day on 18 November 2025. It would be funded through existing cash and new debt facilities, with the remainder funded through an equity placing, and would be accretive to Zurich's 2027 financial targets."