Zurich Insurance discloses interest in UK's Beazley as takeover battle intensifies (updated)
02/02/2026 14:38
Adds stake details in paragraph 2, background throughout Feb 2 (Reuters) - Zurich Insurance Group ZURN.S disclosed a 1.47% interest in Beazley BEZG.L on Monday, days after the British speciality insurer rejected the Swiss group's $10 billion takeover offer following multiple approaches. Zurich, Europe's second‑largest insurer by market value, held about 8.9 million ordinary shares in Beazley as of January 30, a regulatory filing showed. The disclosure puts Zurich as one of Beazley's top 20 shareholders, according to LSEG data. The British insurer last month rejected Zurich's takeover offer, saying the 1,280‑pence‑per‑share bid materially undervalued it and was below a previously undisclosed 1,315 pence proposal - also turned down by Beazley last year. The British firm has seen its stock rise about 35% over the past 12 months, with a significant jump since Zurich's offers were disclosed. Beazley's market valuation currently stands at roughly 6.8 billion pounds ($9.29 billion). In response to a Reuters query on the stake, Zurich said it had "nothing to add" beyond the filing, while Beazley did not immediately respond to a request. ($1 = 0.7321 pounds) (Reporting by Ankita Bora in Bengaluru; Editing by Shilpi Majumdar and Maju Samuel) ((Ankita.Bora@thomsonreuters.com;))