Zurich Insurance Group has disclosed a 1.47% equity stake in Beazley, according to a regulatory filing released Monday, placing the Swiss insurer among the UK specialty carrier’s largest shareholders despite its recent failed takeover attempts.
The filing, reported by Reuters, shows Zurich held approximately 8.9 million ordinary shares in Beazley as of January 30. Data from LSEG rank Zurich within Beazley’s top 20 shareholders. The disclosure did not specify when the shares were acquired or outline Zurich’s strategic intentions beyond the ownership position.
The stake comes amid a series of rejected acquisition proposals from Zurich. Last month, Beazley confirmed it had unanimously turned down Zurich’s most recent offer of 1,280 pence per share in cash, stating that the proposal “materially undervalues Beazley and its longer-term prospects as an independent company.” An earlier approach in January at 1,230 pence per share was also declined.
Beazley has previously disclosed that Zurich made three proposals in June 2025, including one valuing the business at 1,315 pence per share, implying an equity valuation of approximately £8.4 billion. That proposal was likewise rejected, although Beazley said it engaged with Zurich at the time and provided limited due diligence materials in a “good faith effort to come to a shared understanding of value.”
Zurich has said its latest proposal represented a 56% premium to Beazley’s closing share price on January 16, and that a combination would create a specialty insurance business generating around $15 billion in gross written premiums (GWP). Zurich’s broader property and casualty operations produced approximately $47 billion of GWP in 2024, including about $9 billion from its specialty platform.
Beazley’s shares have risen roughly 35% over the past 12 months and surged following public disclosure of Zurich’s interest. The company’s current market capitalisation stands at approximately £6.8 billion ($9.3 billion).
Under UK takeover rules, Zurich has until February 16 to either announce a firm intention to make an offer or confirm that it does not intend to proceed. When asked about the disclosed stake, Zurich said it had “nothing to add” beyond the regulatory filing, according to Reuters.
