19th Feb 2026 11:55
FORM 8.5 (EPT/RI)
PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY
Rule 8.5 of the Takeover Code (the Code)
1. KEY INFORMATION
(a) Name of exempt principal trader: | UBS Investment Bank, London |
(b) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree | Beazley plc |
(c) Name of the party to the offer with which exempt principal trader is connected: | Zurich Insurance Group Ltd |
(d) Date dealing undertaken: | 18 February 2026 |
(e) In addition to the company in 1(b) above, is the exempt principal trader making disclosures in respect of any other party to this offer? If it is a cash offer or possible cash offer, state "N/A" | NA
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2. DEALINGS BY THE EXEMPT PRINCIPAL TRADER
Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.
The currency of all prices and other monetary amounts should be stated.
(a) Purchases and sales
Class of relevant security | Purchases/ sales
| Total number of securities | Highest price per unit paid/received | Lowest price per unit paid/received |
5p Ordinary | Buy
| 1917072 | 12.18230 GBP | 12.09488 GBP |
5p Ordinary | Sell
| 2297210 | 12.16531 GBP | 12.09000 GBP |
(b) Cash-settled derivative transactions
Class of relevant security | Product description e.g. CFD | Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position | Number of reference securities | Price per unit |
5p Ordinary | CFD
| Long | 10471 | 12.118971 GBP |
5p Ordinary | CFD
| Long | 63 | 12.109568 GBP |
5p Ordinary | CFD
| Long | 38355 | 12.13 GBP |
5p Ordinary | CFD
| Long | 41963 | 12.165 GBP |
5p Ordinary | CFD
| Long | 74372 | 12.130426 GBP |
5p Ordinary | CFD
| Long | 29506 | 12.09807399 GBP |
5p Ordinary | CFD
| Long | 96345 | 12.137274 GBP |
5p Ordinary | CFD
| Long | 157405 | 12.111971 GBP |
5p Ordinary | CFD
| Long | 387 | 12.10957615 GBP |
5p Ordinary | CFD
| Long | 59692 | 12.09807389 GBP |
5p Ordinary | CFD
| Long | 19811 | 12.105511 GBP |
5p Ordinary | CFD
| Long | 734 | 12.150708 GBP |
5p Ordinary | CFD
| Long | 645 | 12.12482171 GBP |
5p Ordinary | CFD
| Long | 16678 | 12.1433763 GBP |
5p Ordinary | CFD
| Long | 584 | 12.108082 GBP |
5p Ordinary | CFD
| Long | 42574 | 12.117577 GBP |
5p Ordinary | CFD
| Long | 492 | 12.099819 GBP |
5p Ordinary | CFD
| Short | 881 | 12.141214 GBP |
5p Ordinary | CFD
| Short | 136 | 12.1400281470588 GBP |
5p Ordinary | CFD
| Short | 3097 | 12.123134 GBP |
5p Ordinary | CFD
| Short | 3464 | 12.11023 GBP |
5p Ordinary | CFD
| Short | 1014 | 12.121654 GBP |
5p Ordinary | CFD
| Short | 716 | 12.12914 GBP |
5p Ordinary | CFD
| Short | 524 | 12.128923 GBP |
5p Ordinary | CFD
| Short | 517 | 12.127738 GBP |
5p Ordinary | CFD
| Short | 437 | 12.154202 GBP |
5p Ordinary | CFD
| Short | 417 | 12.182314 GBP |
5p Ordinary | CFD
| Short | 1536 | 12.12079427 GBP |
5p Ordinary | CFD
| Short | 6596 | 12.123139 GBP |
5p Ordinary | CFD
| Short | 2160 | 12.121659 GBP |
5p Ordinary | CFD
| Short | 1523 | 12.129139 GBP |
5p Ordinary | CFD
| Short | 1116 | 12.128901 GBP |
5p Ordinary | CFD
| Short | 1102 | 12.127743 GBP |
5p Ordinary | CFD
| Short | 928 | 12.154196 GBP |
5p Ordinary | CFD
| Short | 290 | 12.1400139482759 GBP |
5p Ordinary | CFD
| Short | 22196 | 12.1207 GBP |
5p Ordinary | CFD
| Short | 337 | 12.12501484 GBP |
5p Ordinary | CFD
| Short | 46714 | 12.13 GBP |
5p Ordinary | CFD
| Short | 41164 | 12.11 GBP |
5p Ordinary | CFD
| Short | 124 | 12.1101 GBP |
5p Ordinary | CFD
| Short | 1089 | 12.1102 GBP |
5p Ordinary | CFD
| Short | 401 | 12.1105 GBP |
5p Ordinary | CFD
| Short | 914 | 12.1252486 GBP |
5p Ordinary | CFD
| Short | 25218 | 12.136338 GBP |
5p Ordinary | CFD
| Short | 45362 | 12.1191 GBP |
5p Ordinary | CFD
| Short | 926 | 12.118207 GBP |
5p Ordinary | CFD
| Short | 4846 | 12.14796007 GBP |
5p Ordinary | CFD
| Short | 50000 | 12.117105 GBP |
5p Ordinary | CFD
| Short | 123388 | 12.1311 GBP |
5p Ordinary | CFD
| Short | 27118 | 12.15243 GBP |
5p Ordinary | CFD
| Short | 270 | 12.118667 GBP |
5p Ordinary | CFD
| Short | 12385 | 12.1615001 GBP |
(c) Stock-settled derivative transactions (including options)
(i) Writing, selling, purchasing or varying
Class of relevant security | Product description e.g. call option | Writing, purchasing, selling, varying etc. | Number of securities to which option relates | Exercise price per unit | Type e.g. American, European etc. | Expiry date | Option money paid/ received per unit |
(ii) Exercise
Class of relevant security | Product description e.g. call option | Exercising/ exercised against | Number of securities | Exercise price per unit |
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(d) Other dealings (including subscribing for new securities)
Class of relevant security | Nature of dealing e.g. subscription, conversion | Details | Price per unit (if applicable) |
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3. OTHER INFORMATION
(a) Indemnity and other dealing arrangements
Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the exempt principal trader making the disclosure and any party to the offer or any person acting in concert with a party to the offer: Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state "none " |
None
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(b) Agreements, arrangements or understandings relating to options or derivatives
Details of any agreement, arrangement or understanding, formal or informal, between the exempt principal trader making the disclosure and any other person relating to: (i) the voting rights of any relevant securities under any option; or (ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced: If there are no such agreements, arrangements or understandings, state "none" |
None |
| Date of disclosure: | 19 February 2026 |
| Contact name: | Richard Howard |
| Telephone number: | +44 (0)207 568 9128 |
Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service and must also be emailed to the Takeover Panel at [email protected]
The Panel's Market Surveillance Unit is available for consultation in relation to the Code's dealing disclosure requirements on +44 (0)20 7638 0129.
The Code can be viewed on the Panel's website at www.thetakeoverpanel.org.uk.
Related Shares:
Beazley