Zurich raises cash bid to acquire Beazley, signaling a push into specialty insurance
Zurich Insurance has submitted an improved cash offer of 1,280 pence per Beazley share to acquire 100% of the London-based specialist insurer, a 56% premium to Beazley’s close price and higher than the prior 1,230p bid that Beazley’s board rejected. The proposal would be funded via cash, new debt and an equity placing and is meant to be accretive to Zurich’s 2027 targets, with the deal creating a leading global specialty platform combining Beazley’s Lloyd’s presence. Beazley said its board has not yet considered the enhanced proposal and urged shareholders to wait for updates, even as Beazley stock jumped about 40% on the news.