Here’s an official 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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