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Bond Market News
Zurich Insurance Launches $10.3bn Public Takeover Bid for Beazley
January 20, 2026
Zurich Insurance Group AG has made public a £7.67bn ($10.3bn) all-cash bid for Beazley Plc. The offer was made at 1,280 pence per share, representing a 56% premium to Beazley’s closing price on Friday. The proposal, Zurich’s fifth approach in more than a year, represents Zurich’s largest acquisition attempt since its current CEO Mario Greco took charge in 2016. The proposed transaction is expected to create a global specialty insurance leader with around $15bn in gross written premiums. Beazley’s board has not yet formally considered the offer, and at least one major shareholder believes the bid still undervalues the company, given its peak-cycle earnings potential. Zurich said the deal aligns with its strategy outlined at its November investor day and would be accretive to its 2027 financial targets. Financing would come from a mix of existing cash, new debt facilities, and an equity placing, according to the statement. Under UK takeover rules, Zurich has until February 16 to decide whether to make a firm offer. Following the announcement, Beazley shares jumped as much as 40% in yesterday’s trading session.
Zurich Insurance’s bonds traded stable with its 6.25% 2055s at 105.5, yielding 5.48%.
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