Zurich hikes Beazley bid after rejection of $17 per share offer

Beazley got the new proposal on 19 January and told investors to take no action.

Beazley plc said it has received a higher takeover offer from Zurich Insurance Group after rejecting an earlier bid that it said was too low.

Zurich has proposed to 100% of Beazley for 1,280 pence (~$17.15) per share in cash. 

This comes after an earlier offer of 1,230 pence (~$16.48) per share made on 4 January 2026, which Beazley’s board rejected on 16 January. 

Beazley said it received the new proposal on 19 January but has not yet reviewed it. The company told shareholders to take no action for now.

Zurich said the 1,280 pence per share offer represents a 56% premium to Beazley’s closing share price of 820 pence on 16 January and to its 30-day volume-weighted average share price of 822 pence. 

It also represents a 27% premium to the median analyst price target of 1,010 pence (~$13.53) and a 32% premium to Beazley’s all-time high of 973 pence.

Under the UK Takeover Code, Zurich has until 5:00 p.m. London time on 16 February 2026 to announce a firm intention to make an offer or confirm that it does not intend to proceed. 

Zurich said there is no certainty that an offer will be made.

($1.00 = £0.745)