Zurich launches $5b share sale to fund Beazley bid

Offer values Beazley at 1,335 pence per share including 1,310 pence cash and 25 pence dividend.

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.

The 25 pence will be paid as an interim dividend for the year ended 31 December 2025 and is expected to be paid on 1 May 2026.

To partly fund the deal, Zurich has launched an accelerated bookbuild of newly issued registered shares with a par value of $0.13 (CHF0.10) each.

The share placement began immediately after the announcement and may close at any time. 

The final placement price and the number of new shares to be issued will be announced after the bookbuilding process is completed, which is expected before market open on 3 March.

The new shares will represent about 4.6% of Zurich’s existing issued share capital and will be issued from the company’s existing capital band. 

In line with the capital band authorisation in Zurich’s articles of association, statutory subscription rights for existing shareholders will be excluded.

The private placement is being offered at market conditions to professional investors in Switzerland and certain qualified investors in selected jurisdictions outside Switzerland. 

Zurich said it plans to finance the remaining acquisition cost through existing cash resources and new debt facilities.

The new shares are expected to be listed and admitted to trading on the SIX Swiss Exchange on or around 5 March. 

Payment and settlement are also expected to take place on or around that date.

The new shares will rank pari passu with existing shares and will be entitled to the proposed dividend of $38.4 (CHF30) per share for the 2025 financial year.

($1.00 = CHF0.78)