Beazley has rejected Zurich Insurance Group’s cash takeover proposal, saying the offer materially undervalues the specialty insurer and its long-term prospects as an independent listed company.

In response to Zurich’s public approach, Beazley said its board had unanimously dismissed the 1,280 pence per share proposal after detailed evaluation with its advisers. The board said it remains focused on maximising shareholder value and is open-minded about all options to deliver that outcome.

Beazley confirmed it received three proposals from Zurich in June last year and engaged in discussions in good faith, including providing limited due diligence. However, it noted that the latest proposal is below Zurich’s previous approach in late June, which valued Beazley at 1,315 pence per share and an implied equity value of £8.4bn, equivalent to around 2.4x tangible book value at 31st December 2024.

The board said it is very confident in Beazley’s standalone prospects and its positioning within the global insurance market. It highlighted a 20-year track record of delivering total shareholder returns of around 2,200%, strong underwriting performance with an average undiscounted combined ratio of 78% since 2022 and its leadership position in cyber as a key growth area.

Beazley also pointed to an average return on equity of 15.5% over the past decade, including 25% since 2022, and capital returns of more than US$2.5bn to shareholders over 10 years, while maintaining a prudent capital and reserving approach.

The board said it continues to deliver against strategic priorities outlined at its capital markets day in November 2025, including establishing a Bermuda insurer, investing in transition underwriting and pursuing innovation-led growth through alternative risk transfer.

Shareholders were advised to take no action in relation to the possible offer. Beazley is due to announce its full-year 2025 results on 4th March 2026.

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