London-based specialty insurer Beazley continues to snub Switzerland’s Zurich Insurance, with Beazley insisting it remains confident of its "standalone prospects" and the "attractiveness" of its business model.
However, Zurich’s latest offer of £7.67 billion (about $10.6 billion) was lower than a previously undisclosed bid of £13.15 per share extended last June, which Beazley also turned down. At that price, the deal would have valued Beazley’s equity at about £8.4 billion.
The UK insurer said last month that it had received three proposals from Zurich in one month and engaged “appropriately.”
Zurich argues that the deal would create a global leader in specialty insurance, combining $15 billion in premiums with strong data and underwriting expertise, top-tier distribution, and robust reinsurance and technology infrastructure. Beazley’s Lloyd’s of London presence would likely bolster Zurich with expert underwriters and the ability to write complex, high-value risks worldwide.
Currently Europe’s second-largest insurer by market value, Zurich typically doesn’t strike out on deals. It has long relied on M&A to broaden its geographic footprint and deepen its product mix. Recall its 1989 acquisition of Maryland Casualty Group for $740 million, which Zurich claims led to a neardoubling of the company’s revenues.
In Latin America, Zurich strengthened its Chilean presence with the 1991 acquisition of La Chilena Consolidada. Zurich purchased a controlling stake in Chicago-based Kemper Corporation in 1996 for about $2 billion, boosting its life insurance and financial services operations.
More recently, Zurich has pursued larger, targeted deals to scale core businesses and take the lead in specialty lines. In 2019, Zurich bought ANZ’s OnePath Life in Australia, adding millions of customers across the Asia-Pacific region. Between 2021 and 2023, it acquired MetLife’s US property and casualty operations for $3.94 billion, increasing distribution and market share.
Zurich has also moved to dominate niche segments. In 2024, it acquired AIG’s global personal travel insurance, including Travel Guard, for $600 million, and in 2025, it took a minority stake in UK-based Icen Risk, a specialist in M&A-related coverage.
As for Beazley, regardless of whether it decides to sell, shareholders have enjoyed a roughly 40% surge in the stock since Zurich’s interest became public.
