Swiss global insurer, Zurich Insurance, and Beazley, a London-headquartered specialty insurer, reached agreement in principle on 4 February 2026 on the key financial terms of a possible recommended cash offer for 100% of Beazley by Zurich, according to a joint statement by both parties.
The transaction would combine two highly complementary businesses and establish a leading, global specialty platform with ~$15bn of gross written premiums, based in the UK, which would also leverage Beazley’s Lloyd’s of London presence.
Zurich is required by no later than 5.00 p.m. (London time) on 4 March 2026 to announce a firm intention to make an offer for Beazley. This deadline was extended from 16 February 2026 as Zurich’s confirmatory due diligence process was progressing. The parties were simultaneously discussing the detailed terms of the deal and working on definitive transaction documentation.
The in-principle agreement was reached after Zurich lifted the offer to up to 1,335 pence ($17.99) per Beazley share. In January 2026, it was revealed that Beazley had rejected offers from Zurich in 2025 and January 2026, with the last of these proposals to purchase 100% of Beazley for 1,280 pence per share rejected on 22 January.
At the time, Beazley said that the offer “materially undervalues Beazley and its longer-term prospects as an independent company,” and emphasised that the offer price then was below Zurich’s June 2025 bid, which valued the company at 1,315 pence per share.
New offer
The new proposal comprises an offer price of 1,310 pence in cash, and Beazley paying its shareholders permitted dividend, in respect of the year ended 31 December 2025, of up to 25 pence prior to completion.
The new offer price, excluding the permitted dividend, represents a premium of 59.8% to Beazley’s closing share price of 820 pence on 16 January 2026, the last business day prior to the offer period.
Beazley says that if the permitted dividend is declared and paid in full, its shareholders would receive, in aggregate, around GBP8bn, which is almost 63% higher than Beazley’s market capitalisation on 16 January 2026. M