Zurich Insurance Group announced that it is seeking to acquire specialty insurer Beazley, offering 1,280 pence per share in cash for 100% of the UK-listed business. The offer follows earlier approaches, which Beazley’s board rejected as significantly undervaluing the company.

The cash proposal represents a 56% premium to Beazley’s closing share price on 16th January 2026, a 27% premium to the median analyst price target, and a 32% premium to the insurer’s all-time high share price recorded in June 2025.

Zurich said the offer provides immediate and certain value to shareholders and fully reflects Beazley’s fundamental value.

If completed, the transaction would create a global specialty insurance platform with around US$15bn of gross written premiums. Zurich said the deal would be funded through cash, debt and an equity placing and would be accretive to its 2027 financial targets.

Analysts at Peel Hunt said Zurich’s offer, at a 2.1x NAV multiple, sits well above the 1.7x average within the Lloyd’s market. While the bid is attractive, Peel Hunt noted it should be weighed against Beazley’s ongoing investments in Bermuda and the US. They added that, with the specialty reinsurance cycle starting to soften, Zurich is making an appealing offer, though it remains below some of the multiples Beazley has historically traded at.

Beazley said it had not yet had the opportunity to consider the improved proposal.

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