Zurich Insurance Group completed its acquisition of Beazley effective Oct 1, paying 1,310p per share for a total of about £8.1bn ($10.7bn). Beazley shares were suspended and delisted from the London Stock Exchange on Oct 2.
Why Zurich Insurance Group is buying Beazley
Zurich is folding Beazley, a major Lloyd's specialty and cyber underwriter, into its Global Specialty business, with Kristof Terryn named CEO of Beazley and Global Specialty subject to regulatory approval.
Deal terms and financing
Shareholders receive 1,310p in cash for each share held at Sept 30, with payment expected on Oct 15. The price is roughly a 60% premium to Beazley's 820p close in mid-January, before Zurich's interest became public.
Regulatory approvals and timing
Beazley shareholders approved the scheme on April 22, all regulatory approvals were in place by Sept 14, and the High Court sanctioned the scheme on Sept 22.
Market context
Zurich's first approach at 1,230p was rejected in January and a 1,280p proposal followed before terms were agreed on March 2. The deal extends a run of UK-listed companies being acquired by overseas buyers.
