Zurich Insurance and Beazley Agree to $10.9B Cash Acquisition

Zurich Insurance Group announced it has agreed with U.K. specialty insurer Beazley the terms of an all-cash offer to acquire Beazley for US$10.9 billion.

The aggregate cash deal is expected to be funded via existing cash (approximately US$3.0 billion), new debt facilities (approximately US$2.9 billion) and a capital increase and share placement through an accelerated bookbuild of US$5.0 billion.

In a separate announcement today, Zurich said it launched a private placement for approximately US$5.0 billion in gross proceeds by way of an accelerated bookbuild to partly finance the acquisition.

The overall terms of the acquisition were completed ahead of the previously agreed March 4 deadline.

“The transaction combines two highly complementary businesses to establish a global leader in specialty insurance, headquartered in the UK, that leverages Beazley’s Lloyd’s presence,” Zurich said in a statement. Zurich already has strong UK presence – outside of Lloyd’s – with more than 4,500 employees located in offices spread across 14 cities and regional towns.

The combined businesses represent approximately US$15 billion of specialty gross written premiums at Dec. 31, 2024, Zurich said, noting that its specialty franchise wrote approximately US$9 billion of specialty gross written premiums as at Dec. 31, 2025.

Zurich said the financing structure for the transaction preserves Zurich’s financial flexibility and capital strength, and results in a strong capital position, with a reduction to its SST (Swiss Solvency Test) ratio estimated at approximately 30 percentage points.

The transaction will be implemented by way of court-sanctioned scheme of arrangement between Beazley and its shareholders, subject to regulatory and antitrust approvals, with the closing expected during the second half of 2026.

Zurich had made several unsuccessful offers to purchase Beazley – which became publicly known in January. Beazley rebuffed all Zurich’s overtures until early February, when its board accepted a sweetened deal for $11 billion.

The full terms and conditions of the acquisition are set out in Zurich’s announcement of its intention to make an offer for Beazley.

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