Zurich Insurance Group has revealed a stake of approximately 1.47% in UK-based specialty insurer Beazley.

This follows the recent rejection by Beazley of Zurich’s takeover bid.

The Swiss insurer now holds around 8.87 million shares in Beazley, which equates to roughly 1.47% of the company’s listed shares, according to a filing.

Last month, Beazley’s board dismissed Zurich’s $10.2bn (SFr8.06bn) buyout offer, which valued the specialty insurer at 1,280p (£12.80) per share.

As its rationale for rejecting the offer, the company said the proposal “materially undervalues Beazley and its longer-term prospects as an independent company”.

The board unanimously turned down the new bid, noting it was still less attractive than a previous approach made by Zurich in June last year, which was also rejected.

Beazley noted that it has nonetheless kept discussions open with Zurich, granting the Swiss insurance company “certain limited due diligence information in a good faith effort”.

Alongside its interest in Beazley, Zurich is working toward establishing its first syndicate at Lloyd’s of London.

The syndicate would give Zurich access to private capital for underwriting within the Lloyd’s insurance market and presents an alternative route should its attempt to acquire Beazley fall through.

Details about the syndicate were initially reported by the Financial Times.

Zurich CEO Mario Greco indicated that preparations for the Lloyd’s syndicate are nearing completion.

Negotiations between Zurich and Lloyd’s are reportedly progressing, with a potential start date for the new syndicate as early as 2 April.