Zurich Insurance Group and Beazley have reached agreement in principle on the key financial terms of a possible recommended cash offer for Beazley's entire issued share capital. Under the terms of the proposal, Beazley shareholders would receive a total value of up to 1,335 pence per share. This comprises an offer price of 1,310 pence in cash, plus a permitted dividend of up to 25 pence for the year ended 31 December 2025. The offer price represents a 59.8 per cent premium to Beazley's closing share price of 820 pence on 16 January 2026, the last business day prior to the offer period. If the permitted dividend is declared and paid in full, shareholders would receive approximately £8bn in aggregate. The transaction would create a leading global specialty platform with approximately US$15bn of gross written premiums, based in the UK and leveraging Beazley's Lloyd's of London presence. The Beazley board says the financial terms are at a level it would be minded to recommend to shareholders, subject to satisfactory resolution of other terms and definitive transaction documentation. Zurich already holds an interest in 8,866,051 ordinary shares of Beazley, representing approximately 1.5 per cent of issued share capital. The announcement follows Beazley's rejection on 22 January 2026 of an earlier proposal from Zurich at 1,280 pence per share, which the board unanimously rejected as materially undervaluing the company. Zurich is required to announce a firm intention to make an offer, or confirm it does not intend to proceed, by 16 February 2026. The announcement of any firm offer remains subject to the completion of confirmatory due diligence and other customary pre-conditions.
