LONDON, June 24, 2026, 14:03 BST
- Zurich and Beazley’s deal is on the EU’s simplified review list. Provisional deadline is July 15.
- Zurich picked up 263,884 more Beazley shares, lifting its stake to 5.64%.
- Beazley traded flat at 1,284.5 pence, staying close to 2% under Zurich’s leftover 1,310-pence cash payout.
Beazley shares were flat in London on Wednesday afternoon after the European Commission listed Zurich Insurance’s planned buyout for simplified merger review, and Zurich reported more share buys.
The stock traded flat at 1,284.5 pence as of 1350 BST. Zurich’s leftover cash offer stands at 1,310 pence per share, accounting for Beazley’s 25-pence dividend with a payment date of May 1. That leaves a 25.5-pence spread, or deal spread, representing expected return if the deal goes through as set. This was about 2%.
The Commission’s register lists the deal for a Phase I review with an initial deadline of July 15. It’s following the simplified procedure, which applies to transactions that usually don’t pose serious competition issues. This does not mean the deal has been cleared.
Zurich picked up 263,884 shares of Beazley on June 23, buying at prices between 1,284 pence and 1,285.5 pence, according to a filing. The insurer now holds or manages 33,984,907 shares, or 5.64% of Beazley.
Beazley shareholders approved the court scheme in April, with 99.91% of scheme shares and 99.92% at the general meeting voting in favor. The companies said they expect to complete the deal in the second half of 2026. “An attractive value for shareholders,” Beazley Chair Clive Bannister called the offer. Reuters
Zurich CEO Mario Greco said the deal would make “the world’s leading Specialty underwriter.” Zurich and Beazley said the new company would have around $15 billion in combined gross written premiums, which is premiums before reinsurance. Reuters
The bid has brought London-listed Hiscox and Lancashire into focus as potential targets if there’s more consolidation in specialty insurance. Ben Cohen, an analyst at RBC Capital Markets, said the buying “future-proofs” some of insurers’ business models. Reuters
Beazley posted 2025 pretax profit of $1.15 billion, dropping around 19% after weaker insurance pricing and slower cyber growth. The insurer’s undiscounted combined ratio came in at 81%. That figure compares claims and expenses to premiums; below 100% signals an underwriting profit.
But the EU notice doesn’t mean approval. The deal still needs court sign-off and more regulatory clearances, and the Commission might ask for fixes or launch a full Phase II probe. Any holdup would hit the 2% spread. If it collapses, Beazley could drop hard; shares were at 820p before Zurich showed interest.
