Beazley agrees terms for acquisition by Zurich

In a statement released to the London Stock Exchange this morning (4 February),  Beazley plc and Zurich Insurance Group announced that that the two businesses have reached agreement in principal for a recommended cash offer for the entire share capital of the Beazley Group.

Zurich is now conducting further due diligence and working with Beazley towards making a binding offer announcement.

Beazley is a diversified insurance business, operating several insurance and reinsurance companies around the world, but it is centred on the Lloyd’s market, where it is the largest managing agency group and trades with seven syndicates. Three of these syndicates, 623, 5623 and 6107, are supported by third party members at Lloyd’s and in the aggregate the group enjoys one of the largest allocations from third party members of any business in the market.