This week in insurance: Miller expands with Dubai deal, Liberty names Hong Kong CEO, Zurich launches $5b fundraise for Beazley bid.

Sun Life Philippines also opened three New Business Offices.

The insurance industry from 2 to 6 March saw a range of strategic developments this past week, including mergers and acquisitions, office expansions, and capital-raising initiatives.

Miller has agreed to acquire Shields Reinsurance Brokers Limited, an independent reinsurance broker based in Dubai, subject to regulatory approval.

Founded in 2017, Shields provides facultative and treaty reinsurance across a range of specialty classes.

The firm is regulated by the Dubai Financial Services Authority and has been an admitted broker at Lloyd's of London since 2018.

Liberty, part of Liberty Mutual Insurance Group, appointed Cynthia Sze as CEO, Hong Kong, effective May this year.

She will lead the company’s unified Hong Kong business following the integration of its operations under a single licence, proposed to be effective on 1 April 2026.

Sun Life Philippines opened three New Business Offices (NBO), increasing its NBO count to 100 for 2026.

The new NBOs, Centurion Tree and Willow Tree, are both located on the 8th Floor of the One Trium Tower along Pacific Rim Drive in Filinvest City, Alabang, Muntinlupa.

Similarly, Pru Life UK unveiled a new workspace in Cebu City, Philippines, as part of a five-year Managed Office agreement with Instant Group.

Officially launched in February 2026, PRUHouse Cebu comprises a total of 12,130 sq ft in Cebu Business Park and houses approximately 1,000 of Pru Life’s agency workforce. 

The new office in Cebu takes Instant’s total square footage for Pru Life UK in the Philippines to 128,000 sq ft, hosting up to seven thousand people in its business.

Zurich Insurance Group has launched a private placement to raise about $5.0b in gross proceeds, to partly finance its proposed acquisition of Beazley.

On 2 March 2026, Zurich announced under Rule 2.7 of the UK Takeover Code that Beazley shareholders would receive a total value of 1,335 pence per share. This consists of 1,310 pence in cash and a permitted dividend of 25 pence per share.