Zurich Insurance has reached an agreement in principle on key financial terms of a takeover of Beazley, after months of rejected bids.

In a statement issued this morning, the two companies said Zurich had raised its bid to 1,310 pence per share, up from the most recently rejected offer of 1,280 pence.

In a statement on the proposal, Beazley said it had “carefully considered the proposal”, concluding that the financial terms are “at a level that it would be minded to recommend to Beazley shareholders should a firm intention to make an offer” on the terms set out by the two companies today.

Zurich first went public with an offer on 19th January, following a number of previous unsuccessful bids.

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