London, Feb 15, 2026, 12:04 GMT — Market closed
Beazley (BEZ.L) shares ended Friday 0.6% lower at 1,230 pence, after trading between 1,230 and 1,247, with about 11.5 million shares changing hands, LSE data showed. (London South East)
With London markets shut for the weekend, investors head into Monday with one date circled: Feb 16, when Zurich Insurance must either make a firm bid for Beazley or step back, under UK takeover rules. Zurich has offered 1,310 pence a share in cash plus permitted dividends of up to 25 pence, valuing Beazley at up to 1,335 pence; the stock is still about 8% below that headline price. MKI Global CEO Mark Kelly said after the terms were announced that “risks should be low” for the transaction. (Reuters)
Friday’s tape also carried a stream of takeover-period disclosures. Under the Takeover Code, investors with at least 1% of the target’s shares have to report their positions and dealings (Form 8.3), while banks trading for clients can file their own dealing reports as “exempt principal traders” (Form 8.5). (Investegate)
In one filing, L&G – Asset Management said it held 9.3 million Beazley shares, a 1.54% stake, and bought 8,120 shares at £12.37 on Feb 12. (Investegate)
These notices do not signal who wins, but they show the market plumbing as funds and brokers adjust positions around a live bid. They also keep the focus on the spread between the share price and the offer value — a rough gauge of closing risk and time.
Deal chatter has spilled into the wider London-listed specialty insurance space. “Softening pricing across key commercial classes typically sets the stage for a multi-year consolidation cycle,” Salman Siddiqui, an associate managing director at Moody’s Ratings, said earlier this month, while RBC Capital Markets’ Ben Cohen called it “an attempt to future-proof” insurers’ business models; analysts have pointed to Hiscox, Lancashire and Conduit as names that could draw interest. (Reuters)
For Beazley, the near-term trade is less about next quarter’s premiums and more about process: confirmatory due diligence, the wording of any final terms and whether the timetable slips. Any shift there can move the stock faster than a typical earnings tweak.
The risk case is simple: Zurich could walk away, or push for more time and different terms, leaving the shares to reprice quickly. Zurich has said the Feb 16 deadline is 5 p.m. London time, can be extended only with Takeover Panel consent, and that it retains flexibility over the offer structure — a reminder that a “possible offer” can still change shape before it lands. (Zurich)
Beyond the bid, Beazley’s own calendar puts its full-year 2025 results on March 4, with an AGM on April 22 and a first-quarter trading update on April 30. (Beazley)
