London, Feb 23, 2026, 09:05 GMT — Regular session
- Beazley shares edged higher in early London trade, with takeover disclosures back on screens
- Janus Henderson reported a near-2% position under UK takeover rules
- Investors are watching for Zurich’s next move ahead of a March 4 deadline
Beazley (BEZ.L) shares were up about 0.3% at around 1,222 pence in early London trading on Monday, steadying after a new takeover-related filing showed Janus Henderson had built a position in the insurer. (Hargreaves Lansdown)
The stock has been trading like a deal spread — moving in a tight range and sitting below Zurich Insurance’s proposed headline value — as investors weigh the odds and timing of a firm offer. The next hard marker is a “put up or shut up” deadline under the UK Takeover Code, which forces a bidder to announce a firm offer or step back.
In a Form 8.3 disclosure dated Feb. 23, Janus Henderson Group said it had interests equivalent to 1.90% of Beazley’s ordinary shares, including cash-settled derivatives, and reported purchases on Feb. 20. Such filings are required for parties with interests of 1% or more during an offer period. (Halifax Investments)
A Takeover Panel disclosure table published on Monday listed Beazley as an offeree company with Zurich Insurance Group Ltd as the identified offeror, and showed a Rule 2.6 deadline of 5 p.m. London time on March 4. (TradingView)
Beazley and Zurich said earlier this month the Swiss insurer had agreed in principle on key financial terms of a possible recommended cash offer, and the panel consented to extend the deadline to March 4 while confirmatory due diligence progressed.
Under Zurich’s improved proposal, the insurer would pay 1,310 pence a share in cash plus permitted dividends of up to 25 pence, valuing Beazley at up to 1,335 pence per share, Reuters reported on Feb. 4. Beazley’s board said then it was minded to recommend the offer if Zurich made a formal bid. (Reuters)
“After announcement it would seem risks should be low – both from any potential competing offer and indeed in terms of threat to closing,” Mark Kelly, CEO of advisory firm MKI Global, said in the same Reuters report. (Reuters)
Still, the gap between Beazley’s current trading level and the possible offer value is a reminder that nothing is signed. Beazley has said there can be no certainty any firm offer will be made.
Any wobble in due diligence, terms or timetable could widen that gap quickly. If Zurich walks away, investors would be left repricing Beazley on standalone earnings and the softer parts of the specialty market cycle, without an obvious backstop.
The broader UK market was little changed, with the FTSE 100 up around 0.1% on the day, leaving Beazley to trade mostly on deal headlines and the steady drip of takeover-period disclosures. (Hargreaves Lansdown)
Next up: traders will be watching for further Form 8 disclosures around Beazley and, above all, whether Zurich moves before the March 4 deadline to announce a firm offer — or seeks more time. (TradingView)
