Beazley investors have approved Zurich Insurance’s cash offer for the London-listed specialty insurer, backing the £8.1bn ($10.94bn) takeover by 99.9% at a shareholder meeting.
The deal gives the Swiss insurer a larger presence in specialist lines including cyber, marine, aviation, space and fine art. It comes after a run of Zurich investments and acquisitions linked to cyber insurance.
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Soon after reaching an agreement on Beazley, Zurich also struck a deal to acquire Generali’s Irish property and casualty business for €337m ($394.69m).
In the past year, Zurich completed the purchase of Canadian cyber insurtech company Boxx Insurance, having previously supported the company through funding rounds. In 2024, it also put $60m into California-based Cowbell.
In March 2026, Zurich raised SFr3.9bn ($4.98bn) through a share sale to support financing for the Beazley transaction, after Beazley accepted a revised offer worth up to 1,335p (£13.35) a share.
The company issued approximately 7.09 million new registered shares, each with a par value of SFr0.10, at SFr550 apiece, bringing in gross proceeds of around SFr3.9bn.
Part of the funds will go towards the acquisition, while the rest of the purchase price will be covered through existing cash and new debt facilities.
The takeover still needs court approval, which Beazley said it expects in the second half of 2026.
Separately, Beazley plans to establish a marine war consortium at Lloyd’s of London with up to $1bn in underwriting capacity.
The proposal sets aside $500m for hull war cover and $500m for cargo war cover, increasing available market capacity.
Beazley is set to lead the consortium, which is expected to draw backing mainly from Lloyd’s syndicates and other insurers in the London market.
