4th Feb 2026 10:27
(Alliance News) - Beazley PLC on Wednesday said it has agreed to a takeover offer from Zurich Insurance Group AG that values the UK company at approximately GBP8.0 billion.
The London-based insurer released a joint statement with its larger Swiss peer, which noted that the Beazley board is "minded to accept" Zurich's offer were it to be made firm.
Zurich has offered Beazley shareholders 1,310 pence per share in cash before allowed dividends, which takes the total value per share up to 1,335p. If Beazley declares and pays its permitted dividend in full, the offer would amount to GBP8.0 billion, which is 63% higher than Beazley's market capitalisation before the takeover process began in January, Zurich noted.
Still, it is lower than a previous approach from Zurich, which Beazley had spurned back in June. That offer was the last of three made at the time, and it valued Beazely at 1,315p per share, or GBP8.4 billion in total.
Beazely disclosed the June bid last month, when it rejected two more advances from Zurich, priced at 1,230p and 1,280p per share, respectively.
Zurich has until February 16 to formalise its intention to make a firm offer, saying on Wednesday that it "looks forward to commencing its confirmatory due diligence on Beazley".
Should the deal proceed, the enlarged company would have around GBP15 billion of gross written premiums, Beazely and Zurich said.
"The transaction would combine two highly complementary businesses and would establish a leading, global specialty platform...based in the UK which would also leverage Beazley's Lloyd's of London presence," they added.
Beazley shares were jumped 8.5% to 1,258.00 pence on Wednesday morning in London and is up 54% in the past month. Zurich Insurance was up 2.2% at CHF568.80 in Zurich. It has a market capitalisation of CHF83.90 billion, about GBP78.84 billion.
By Holly Munks, Alliance News reporter
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