Beazley extends takeover deadline as Zurich conducts due diligence

Both sides are discussing final terms after agreeing in principle on key financial conditions.

Beazley has extended the deadline for Zurich Insurance Group to decide whether it will make a formal takeover offer for the insurer.

In a statement released on 16 February 2026, Beazley said the two companies had previously confirmed they had agreed in principle on the key financial terms of a possible recommended cash offer for all of Beazley’s shares.

Under UK takeover rules, Zurich had been required to announce by 5.00 pm London time on 16 February 2026 whether it intended to make a firm offer, or to say it would not proceed. 

Beazley said Zurich has started confirmatory due diligence and that work is progressing as planned, whilst both sides also discuss the detailed terms and final transaction documents.

Beazley said it asked for more time and the Takeover Panel agreed to extend the so-called “put up or shut up” deadline. 

Zurich must now make its announcement by 5.00 pm London time on 4 March 2026. The deadline can be extended again if the Takeover Panel agrees.

Beazley said there is no certainty that a firm offer will be made, and it will issue further updates when appropriate.