Zurich Insurance Group has completed its acquisition of UK-based insurer Beazley, with the combined business holding gross written premiums of around $15bn.
The enlarged group will also draw on Beazley’s Lloyd’s of London presence.
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In February, the companies reached an agreement in principle on the main financial terms of a $10.8bn takeover proposal, under which Zurich agreed to buy all Beazley shares in issue and to be issued for cash.
Zurich raised $4.69bn (SFr3.9bn) in March via an accelerated book-building to finance part of the purchase.
Group CEO Mario Greco said: “By 2029, the integration of Beazley will generate incremental revenue growth of over $1bn per annum, at least $150m of combined annual cost savings and meaningful capital synergies of at least $1bn of one-off capital extraction within the first two years, while benefitting from greater capital efficiency across a larger and more diversified specialty business.”
Kristof Terryn has been named CEO of Beazley and Zurich Global Specialty, subject to regulatory approval.
Current CEO Adrian Cox is leaving Beazley as the company starts its next phase.
Helen Pickford, CFO of Zurich UK, will become CFO of Beazley and Zurich Global Specialty.
Barbara Plucnar Jensen, Beazley Group CFO, will support the integration as a senior adviser until March 2027.
Sally Henderson and Ed Bridge will become chief people and sustainability officer and general counsel, respectively, at Beazley and Zurich Global Specialty.
Henderson succeeds Liz Ashford, who is retiring, while Bridge was previously general counsel of Zurich UK and Ireland.
Mario added: “London is one of the world’s leading insurance markets and has already been chosen as the natural base for our global specialty business. Zurich has been operating in the UK for more than a century, and we know the strength of the market, its talent and its role in shaping the industry’s future.”
