Beazley Rejects Zurich Insurance’s £7.7 Billion Takeover Bid

Beazley Plc has rejected Zurich Insurance Group AG’s £7.7 billion ($10.3 billion) takeover approach, the latest twist in the Swiss giant’s attempt to acquire the UK specialty insurer.

London-listed Beazley said its board has unanimously turned down Zurich’s latest cash proposal of 1,280 pence per share “on the basis that it materially undervalues” the company and its longer-term prospects, according to a statement Thursday.

The board said it received three proposals from Zurich in June 2025 and “engaged with Zurich appropriately.” However, the terms of Zurich’s latest bid are below the last proposal in late June, which valued Beazley at 1,315 pence a share at an implied equity value of £8.4 billion, according to the statement.

Beazley’s board said it is “very confident in Beazley’s standalone prospects as a publicly listed company.”

On Monday, Zurich went public with an offer to buy Beazley for 1,280 pence per share in cash, a 56% premium to the company’s prior closing price on Jan. 16. The proposal was the fifth made by Zurich over more than a year, Chief Executive Officer Mario Greco told Bloomberg News.

Zurich’s Jan. 19 offer was 4% higher than a previous proposal earlier in the month, which Beazley’s board also rejected. Beazley’s shares have rallied almost 30% since the Jan. 19 offer was announced, but are still trading below the offer price.

Shares in Beazley were 1.6% lower at 1,105 pence at 8:43 a.m. in London.