Zurich Insurance Group AG (SIX: ZURN) and Beazley PLC (LON: BEZG) have agreed in principle on the main financial terms of a potential all-cash offer, valuing the UK-based insurer at around £8 billion. Under the proposed transaction, Beazley shareholders would receive up to 1,335 pence per share, consisting of 1,310 pence in cash plus allowable dividends of up to 25 pence for the year ending December 31, 2025.
The indicative offer implies a premium of almost 60% to Beazley’s closing price of 820 pence on January 16, the final trading day before the offer period commenced, and represents a 34.6% uplift to the company’s record high of 973 pence reached on June 6, 2025.
Beazley’s board said it would be “minded to recommend” the proposal to shareholders should a firm offer be made on the outlined financial terms, subject to agreement on remaining conditions and the execution of definitive documentation.
The proposed deal would bring together two complementary operations, forming a leading global specialty insurance group with roughly $15 billion in gross written premiums, supported by Beazley’s strong position at Lloyd’s of London.
Zurich is required to announce a firm intention to proceed with an offer by February 16, or confirm that it does not plan to make a bid. The Swiss insurer currently owns a 1.479% stake in Beazley, equivalent to 8,866,051 ordinary shares.
Sources: Maria Ponnezhath
THE ETERNAL SOVEREIGN 
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