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Zurich Insurance to acquire UK's Beazley for $11 billion
The £8.1 billion deal offers Beazley shareholders a 60% premium and aims to create a global specialty insurer with $15 billion in premiums.
- On Monday, Zurich agreed to buy Beazley for 8.1 billion, with Beazley shareholders offered 13.35 per share and the board recommending the proposal, removing Beazley from the London Stock Exchange.
- After weeks of talks, Zurich targeted the deal to gain Lloyd's access and new growth sectors, pursuing the acquisition since earlier this year and extending the deadline to March 4.
- Beazley is an 80-year-old specialist insurer with a broad portfolio, while Zurich, with more than 63,000 employees, expects about $150 million in annual synergies, CEO Mario Greco said.
- The deal will create a combined specialty insurance company with $15 billion in global premiums, headquartered in London to leverage Beazley's Lloyd's presence, pending approvals for closure in the second half of 2026.
- The offer gives Beazley shareholders a 60 percent premium over mid-January share prices and is 35 percent above the stock's all-time high, according to Zurich.
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The Swiss insurer had announced on Monday to buy Beazley for about 10.9 billion dollars
·Vienna, Austria
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The acquisition is expected to accelerate Zurich's efforts to exceed its own financial targets for 2025 to 2027. Completion of the transaction is expected for the second half of the year.
·Düsseldorf, Germany
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Total News Sources27
Leaning Left2Leaning Right1Center5Last UpdatedBias Distribution63% Center
Bias Distribution
- 63% of the sources are Center
63% Center
L 25%
C 63%
12%
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