After Zurich outlined it had improved its all-cash approach for Beazley to 1,280p per share, the specialty insurer has issued a response.
Beazley said the approach triggers Rule 2.6(a) of the Code, requiring Zurich, by no later than 5pm London time on February 16, 2026, to either announce a firm intention to make an offer under Rule 2.7 or announce that it does not intend to make an offer, in which case the statement would fall under Rule 2.8. The deadline can be extended with the consent of the Takeover Panel under Rule 2.6(c).
In a statement released without Zurich’s consent, Beazley said it received an unsolicited, non-binding, indicative and conditional cash proposal from Zurich on January 4, 2026, to acquire the entire issued and to be issued share capital of the company. Zurich’s initial proposal offered 1,230p per share in cash, which Beazley said its board unanimously rejected because it “significantly undervalued the company.”
Beazley said Zurich submitted an improved proposal of 1,280p per share on January 19, 2026, though the board “has not yet had the chance to consider” it. The insurer said it would update shareholders in due course and urged shareholders “to take no action.”
Jefferies said the 1,280p proposal represents a 56% premium to Beazley’s closing price on January 16, 2026.
Zurich has said a combination would create “a global leader in specialty insurance” with about US$15 billion of gross written premiums, anchored by Beazley’s Lloyd’s franchise and Zurich’s commercial insurance operations. Zurich said it believes the proposal “provides full value for Beazley across all relevant metrics.”
Zurich has said the transaction would potentially be funded through a mix of existing cash, new debt facilities and an equity placing. Any deal would be subject to Beazley shareholder approval and regulatory clearances in relevant jurisdictions.
