Zurich Insurance to Acquire UK Insurer Beazley in £8 Billion Deal

Zurich Insurance Group has agreed to buy Beazley, a UK-based specialty insurer, in a deal valued at approximately £8 billion. Beazley's board has recommended the revised offer from Zurich, which will pay shareholders 1,335 pence per share. This amount includes a cash offer of 1,310 pence per share and allows for a dividend of up to 25 pence before the deal is completed.

Beazley's share price rose over 8% after news of the agreement was announced. Zurich has been pursuing the acquisition since last year, making several offers before Beazley's board accepted the latest terms on Wednesday.

The acquisition will make Zurich Insurance the owner of Beazley, which specializes in cyber and specialty insurance. The deal reflects Zurich’s strategy to expand its presence in the UK insurance market.

The deal is between Zurich Insurance Group, a Swiss insurance company, and Beazley, a UK-based specialty insurer.

Beazley shareholders will receive 1,335 pence per share, made up of 1,310 pence in cash and a dividend of up to 25 pence.

Zurich Insurance wants to expand its business, especially in the specialty insurance market in the UK.

Reuters

UK speciality insurer Beazley has reached an agreement on terms for a sweetened 1,335 pence per share takeover proposal from Zurich Insurance Group, the companies said on Wednesday.

Proactive Investors

The Beazley PLC board has signalled agreement for the insurer to be acquired by Swiss giant Zurich, in a deal worth around £8 billion. An agreement in principle has been reached on the financial terms of a possible offer of 1,310p in cash plus a dividend of up to 25p to be paid by Beazley before the...

WSJ

The Swiss insurer has been courting Beazley since last year and in January went public with several offers that were turned down.

Proactive Investors

Beazley PLC shares jumped over 8% to 1,258p after the board of the Lloyd's insurer agreed to the terms of a bid from Zurich Insurance. The Swiss giant's offer values the FTSE 100 group at a sweetened total value of 1,335p per share in cash, including a dividend of up to 25p.

Invezz

Zurich Insurance has agreed an improved takeover bid for UK-listed cyber and speciality insurer Beazley, valuing the company at about £8 billion ($10.96 billion). Under the revised cash offer, Beazley shareholders would receive £13.35 per share, including a dividend payment.

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