Zurich Insurance Completes Acquisition of Beazley

Zurich Insurance Group has completed its £8.1 billion ($10.7 billion) of Lloyd’s insurer Beazley, effective today.

Beazley shares were suspended this morning from the London Stock Exchange with delisting planned for Oct. 2. Under the terms of the deal (known in the UK as a scheme of arrangement), shareholders will receive 1,310 pence for each share held as of Sept. 30, 2026, with payment expected on Oct. 15, 2026.

As a result of the acquisition, Beazley announced a new board of directors: Patrick Manley, Earl Randall Clouser, Helen Pickford, Kristof Terryn and Claudia Cordioli.

Stepping down from the board are the former Chairman Clive Bannister, along with Rajesh Agrawal, Roy Clark, Pierre-Olivier Desaulle, Nicola Hodson, Fiona Muldoon, Carolyn Johnson, (Anthony) John Reizenstein and Cecilia Reyes Leuzinger.

Adrian Cox is staying on as CEO of Beazley, according to the company’s website, in a role he has held since 2021.

Beazley’s Lloyd’s of London platform (with six syndicates) will expand Zurich’s specialty market access and expertise, creating a combined business of approximately US$15 billion in gross written premiums, the company said in a presentation to investors in March.

“Beazley is a market leader for specialty risks in many of its chosen lines, which include cyber, digital, MAP, property and specialty,” the company said in a March 26 scheme document. (Beazley’s MAP risk business includes marine, aviation, political, accident, contingency and portfolio underwriting).

Beazley operates specialist insurance businesses in Europe, North America, Latin America, Bermuda and Asia and underwrote gross premiums worldwide of US$6.1 billion in 2025.

Zurich made a series of offers to acquire Beazley, including one in January of this year for £7.7 billion, which was rejected by Beazley. Ultimately, a sweetened £8.1 billion deal was accepted by Beazley’s board and shareholders.