LONDON: Swiss insurance giant Zurich has agreed to buy rival Beazley for \u00a38.1 billion (US$10.86 billion) after sweetening its bid for the takeover, reported PA Media\/dpa.<\/p>\n
The companies said they had reached a deal that will create a global specialist insurance leader that’s based in the United Kingdom (UK).<\/p>\n
Under the terms of the deal, Beazley shareholders have been offered \u00a313.35 (US$17.89) per share, which it says represents a premium of around 59.8 per cent to its closing price on January 16.<\/p>\n
The deal means Beazley will be taken off the London Stock Exchange, where it currently lists its shares on the UK’s top index, the FTSE 100.<\/p>\n
The pair have been locked in takeover talks since the start of the year, with Beazley rejecting previous approaches from its peer.<\/p>\n
It rebuffed a \u00a37.7 billion (US$10.3 billion) proposal, before agreeing to an \u00a38 billion (US$10.72 billion) deal in principle last month and then extending the deadline to make a formal offer to March 4.<\/p>\n
The agreement reached on Monday is for a takeover worth about \u00a38.1 billion (US$10.86 billion).<\/p>\n
Zurich said the move will expand its market reach with a broader speciality product range and access to the insurance marketplace Lloyd’s, particularly to expand into higher-growth sectors like infrastructure and technology.<\/p>\n
Beazley is a specialist insurer, with a burgeoning cyber cover offering, as well as cover across professional indemnity, property, marine, reinsurance, accident and life, and political risks and contingency business.<\/p>\n
Zurich has more than 63,000 employees and has its headquarters in Switzerland.<\/p>\n
Mario Greco, Zurich’s chief executive, said: “Leveraging Beazley’s established Lloyd’s platform, the combined speciality business will be headquartered in London and will be a powerful platform for long-term growth in speciality lines.<\/p>\n
“We are committed to championing underwriting excellence, retaining key talent and maintaining the Beazley brand within the broader Zurich Group.”<\/p>\n","protected":false},"excerpt":{"rendered":"LONDON: Swiss insurance giant Zurich has agreed to buy rival Beazley for \u00a38.1 billion (US$10.86 billion) after sweetening…\n","protected":false},"author":2,"featured_media":23572,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[6],"tags":[3830,15010,15009,15008,15007,15011,15013,15012,338,15015,2378,15014,10578,2381,51],"class_list":["post-23571","post","type-post","status-publish","format-standard","has-post-thumbnail","category-zurich","tag-analysis","tag-bursa","tag-bursa-malaysia","tag-bursa-screener","tag-bursascreener","tag-klse","tag-kuala-lumpur","tag-kuala-lumpur-stock-exchange","tag-research","tag-screener","tag-stock-exchange","tag-stock-screener","tag-technical","tag-technical-analysis","tag-zurich"],"share_on_mastodon":{"url":"","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts\/23571","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/comments?post=23571"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts\/23571\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/media\/23572"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/media?parent=23571"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/categories?post=23571"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/tags?post=23571"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}