March 10, 2026 | Insurance | Europe | Active
On 2-Mar-26, British insurer Beazley agreed to be acquired by Swiss rival Zurich Insurance Group for £8.1bn in an all-cash deal. Zurich will pay 1,310p per Beazley share (“cash consideration”) as well as a 25p dividend per share (“permitted dividend”). The permitted dividend refers to Beazley’s interim dividend for FY’25, expected to be paid on 1-May-26 (ex-date 19-Mar-26, per Bloomberg); since Beazley has historically paid dividends annually, its next one, likely paid in mid-2027, won’t come into play for investors. The cash consideration represents a 59.8% premium to Beazley’s undisturbed share price on 16-Jan-26 and a 34.6% premium to Beazley’s all-time high on 6-Jun-25. It implies 2.44x tangible NAV as at 30-Jun-25 and 10.8x trailing EPS. Zurich will fund the deal through its existing cash ($3bn), committed debt under bridge facilities ($2.9bn), and a now-executed $5.0bn capital raise through an accelerated bookbuild. The transaction will be implemented by way of a court-sanctioned scheme of arrangement and requires approval from Beazley shareholders at both a Court Meeting (75% in value of shares) and an EGM (75% of votes cast). Beazley directors consider the terms fair and intend to unanimously recommend the deal, and directors holding 0.33% of Beazley have given irrevocable undertakings. Conditions to closing also include approvals from insurance and ...
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