London-listed speciality insurer Beazley said on Wednesday shareholders approved Swiss group Zurich Insurance’s £8.1 billion ($10.94 billion) all-cash takeover, with 99.9 per cent votes in favour at a meeting held earlier in the day.
The acquisition, which follows a series of cyber-focussed investments by Zurich, will help the Swiss insurer significantly expand its foothold in speciality insurance, encompassing areas such as cyber, marine, aviation, space and fine art.
Days after Zurich struck the deal with Beazley, it also agreed to buy Generali’s Irish PC operations for €337 million ($394.69 million).