April 22 (Reuters) - London-listed specialty insurer Beazley said on Wednesday shareholders approved Swiss group Zurich Insurance's 8.1 billion pound ($10.94 billion) all-cash takeover, with 99.9%
Beazley Shareholders Approve Zurich’s $10.9 Billion Cash Takeover Deal
Zurich Insurance’s Acquisition of Beazley: Key Details and Implications
Shareholder Approval and Deal Overview
April 22 (Reuters) - London-listed specialty insurer Beazley said on Wednesday shareholders approved Swiss group Zurich Insurance's 8.1 billion pound ($10.94 billion) all-cash takeover, with 99.9% votes in favor at a meeting held earlier in the day.
Strategic Expansion and Recent Investments
Zurich’s Focus on Specialty Insurance
The acquisition, which follows a series of cyber-focused investments by Zurich, will help the Swiss insurer significantly expand its foothold in specialty insurance, encompassing areas such as cyber, marine, aviation, space and fine art.
Additional Acquisitions and Investments
Generali’s Irish P&C Operations
Days after Zurich struck the deal with Beazley, it also agreed to buy Generali's Irish P&C operations for 337 million euros ($394.69 million).
Boxx Insurance and Cowbell Investments
Last year, it acquired Canadian cyber insurtech Boxx Insurance, after backing the company in earlier funding rounds. In 2024, it had invested $60 million in California-based Cowbell.
Financing and Next Steps
Share Sale to Fund Acquisition
Earlier in March, Zurich raised 3.9 billion Swiss francs ($4.98 billion) in a share sale to help finance the Beazley acquisition, after the British insurer accepted an improved offer of up to 1,335 pence per share.
Regulatory Approval and Timeline
The transaction remains subject to court sanction, which Beazley said it expects will take place during the second-half of 2026.
Currency Exchange Rates
($1 = 0.7832 Swiss francs)
($1 = 0.8538 euros)
(Reporting by Aatrayee Chatterjee in Bengaluru; Editing by Diti Pujara)
