LATEST UPDATE 22.01.2026 – STATEMENT FROM BEAZLEY FOR YOU
Following the announcement released by the Board of Beazley plc (“Beazley” or the “Company”) on 19 January 2026, Beazley confirms that the Board has unanimously rejected the cash proposal of 1,280 pence per share (the “Proposal”) from Zurich Insurance Group (“Zurich”) on the basis that it materially undervalues Beazley and its longer-term prospects as an independent company. This followed detailed evaluation of the Proposal by the Board together with its advisers.
The Board is fully focused on maximising shareholder value, has listened carefully to the feedback it has received from its shareholders and is open-minded about all options to deliver value.
The Board received three proposals from Zurich in June last year and engaged with Zurich appropriately, including providing Zurich with certain limited due diligence information in a good faith effort to come to a shared understanding of value.
The terms of Zurich’s latest Proposal are below the last proposal put forward by Zurich in late June last year and rejected by Beazley, which valued the Company at 1,315 pence per share at an implied equity value of £8.4 billion, equivalent to approximately 2.4x tangible book value as at 31 December 2024.
The Board is very confident in Beazley’s standalone prospects as a publicly listed company and in the attractiveness of Beazley’s business model fundamentals and believes that Beazley is uniquely positioned within the global insurance market to maximise long-term shareholder value and realise the full potential of its specialty platform.
The Board believes that Beazley delivers this strategic differentiation and value via five core attributes:
· Track record of delivering shareholder value: Beazley has demonstrated the ability to deliver superior financial outcomes through the cycle with attractive total shareholder returns (TSR) of approximately 2,200% over the last 20 years, materially outperforming global specialty insurance peers;
· Underwriting excellence: Best-in-class underwriting performance with an average undiscounted combined ratio since 2022 of 78%;
· Leader in Cyber: Beazley has a leading product set including notably in Cyber which, in the Board’s view, continues to be one of the most significant structural growth stories in global specialty insurance;
· Superior return generation: Delivered an average ROE of 15.5% over the last 10 years (including an average ROE since 2022 of 25%), proving Beazley’s ability to generate attractive returns through extraordinary global events including the COVID-19 cycle; and
· Strong capital and reserves: Returned over $2.5 billion of capital to shareholders over the last 10 years, with $1.3 billion having been returned over the past 3 years, whilst maintaining a very prudent capital and reserving policy.
In addition, the Board is delivering on the strategic priorities outlined at the Company’s Capital Markets Day in November 2025, with notable milestones achieved over the second half of 2025, including: i) the establishment of a Bermuda insurer, completing the globalisation of the Company, with access to all major markets including a significant presence in the US; ii) investments in expertise in the fast growing and exciting domain of transition underwriting; and iii) focusing on innovation-led growth, including in Alternative Risk Transfer (ILS and Captives).
Beazley shareholders are advised to take no action in relation to the Possible Offer. A further announcement will be made when appropriate.
Some commentary on the possible acquisition of Beazley by Zurich;
MOODY’S
“Acquiring Beazley would accelerate Zurich’s strategy of building leadership in specialty insurance, a business with strong demand-led growth and resilient underwriting earnings. Zurich’s total gross written premiums from specialty insurance would rise to around $15 billion from $9.4 billion in 2024, significantly expanding the company’s footprint in cyber, marine and political risk. The combination would also drive a degree of consolidation in the cyber insurance market, where both Zurich and Beazley are significant players. We would expect Zurich to also be able to unlock some cost and capital synergies from the transaction, while gaining access to third-party capital via Beazley’s presence in the Lloyd’s of London insurance market.”
Here’s an update from Beazley plc;
Response to possible offer announcement by Zurich
The Board of Beazley plc (“Beazley” or the “Company”) notes the recent announcement made by Zurich Insurance Group (“Zurich”) regarding a possible offer for the Company.
Beazley confirms that on 4 January 2026, it received an unsolicited, non-binding indicative and conditional cash proposal from Zurich to acquire the entire issued and to be issued share capital of the Company (the “Proposal”). As set out in the Zurich announcement, the terms of the Proposal comprised 1,230 pence per share in cash, which the Board of Beazley unanimously rejected on the basis that it significantly undervalued the Company.
The Board has not yet had the chance to consider Zurich’s improved proposal of 1,280 pence per share, received on 19 January 2026.
We will update shareholders in due course. In the meantime, Beazley shareholders are urged to take no action.
This announcement has been made by Beazley without the consent of Zurich.
In accordance with Rule 2.6(a) of the Code, Zurich is required, by no later than 5.00 p.m. (London time) on 16 February 2026, being 28 days after the date of this announcement, to either announce a firm intention to make an offer for the Company in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline can be extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Code.
ANALYST COMMENT
Peel Hunt: The offer values Beazley at 2.1x FY25E NAV (2.2x TNAV), a significant premium on the historic average M&A multiples at Lloyd’s (1.7x NAV). We believe this is a tempting offer for shareholders at an attractive premium; however, Beazley has traded as high as 2.5-2.7x NAV in the past. In addition, Amlin was taken over at a multiple of 2.3x NAV.
Jefferies: on one hand, a 56% premium feels generous. But on the other hand, one might argue that Beazley is a stronger franchise than those acquired previously, with a differentiated cyber franchise and market leading ROE track record – thereby deserving of a better offer.
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