Zurich makes 1,280p a share takeover bid for Beazley, shares surge

(Sharecast News) - Beazley surged on Monday after Zurich Financial said it had made a 1,280p a share cash takeover offer for the London-listed insurer. The offer represents a 56% premium to the closing share price on Friday, and a 32% premium to the all-time high of 973p on 6 June 2025.

The latest proposal follows an earlier approach made by Zurich on 4 January, at 1,230p a share, which was rejected on 16 January on the basis that it significantly undervalued Beazley.

Zurch said on Monday that a deal would create a global leader in specialty insurance with about $15bn of gross written premiums.

"This combination of two highly complementary businesses would establish a leading global Specialty platform, based in the UK which would also leverage Beazley's Lloyd's of London presence," Zurich said.

"Zurich is a disciplined acquirer with a strong focus on returns, and believes the transaction would deliver attractive returns for both Zurich's and Beazley's shareholders.

"Zurich has submitted this significantly increased proposal with a view to securing engagement from the board of Beazley so that both companies can deliver a transaction."

At 1340 GMT, Beazley shares were up 46% at 1,196.5p.