Beazley Dismisses Zurich Insurance’s £7.7 Billion Acquisition Proposal

Beazley Plc has firmly rejected a £7.7 billion ($10.3 billion) takeover bid from Zurich Insurance Group AG, marking another chapter in the Swiss giant’s ongoing efforts to acquire the UK specialty insurer.

In a statement released on Thursday, the London-listed Beazley announced that its board unanimously declined Zurich’s latest cash offer of 1,280 pence per share. The board emphasized that the proposal “materially undervalues” both the company and its long-term prospects.

Beazley’s board noted that it had received three proposals from Zurich in June 2025 and had “engaged with Zurich appropriately.” However, the terms of Zurich’s most recent bid fall short of the last proposal made in late June, which valued Beazley at 1,315 pence per share, translating to an implied equity value of £8.4 billion.

Despite the takeover attempts, Beazley’s board expressed strong confidence in the company’s standalone prospects as a publicly listed entity. This sentiment reflects their belief in the long-term viability and growth potential of Beazley.

Zurich made its public offer on Monday, proposing to buy Beazley for 1,280 pence per share in cash. This offer represents a significant 56% premium over Beazley’s closing price on January 16. According to Chief Executive Officer Mario Greco, this proposal marks the fifth attempt by Zurich to acquire Beazley over the past year, as reported by Bloomberg News.

Zurich’s offer on January 19 was 4% higher than a previous bid made earlier in the month, which was also rejected by Beazley’s board. Following the announcement of the January 19 offer, Beazley’s shares surged nearly 30%, although they are still trading below the proposed offer price.

As of 8:43 a.m. in London, shares in Beazley were down 1.6%, trading at 1,105 pence.

Topics
Mergers & Acquisitions

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