Beazley rejects Zurich’s £7.7 billion takeover deal

Beazley Group has formally rejected a renewed takeover proposal from Zurich, saying the bid materially undervalues the company and its long-term prospects as a standalone specialty insurer.

In a statement released today, Beazley confirmed its board unanimously turned down Zurich’s cash offer of 1,280 pence per share. The bid follows earlier approaches made by Zurich last year, including a higher proposal in June 2025 valuing Beazley at 1,315 pence per share, or roughly £8.4 billion. Beazley said the latest offer is below that prior level and does not reflect the strength of its platform.

The board emphasized confidence in Beazley’s independent strategy, pointing to its long-term shareholder returns, underwriting performance, and capital discipline. Beazley cited total shareholder returns of roughly 2,200% over the past 20 years, an average undiscounted combined ratio of 78% since 2022, and average return on equity of 15.5% over the past decade.

Cyber insurance featured prominently in the board’s rationale, with Beazley positioning the line as a core growth engine and a key differentiator within global specialty insurance. The company also highlighted recent strategic moves, including the launch of a Bermuda insurer to complete its global footprint, expanded investment in transition underwriting, and continued growth in alternative risk transfer, including captives and insurance-linked securities.

Beazley said it remains focused on maximizing shareholder value and is open to options that achieve that goal, but reiterated that shareholders should take no action at this time. The company plans to report full-year 2025 results on March 4, 2026.