UK specialty insurer Beazley has agreed in principle to a takeover offer from Zurich Insurance Group valued at approximately £8 billion ($10.85 billion), with the deal structured as 1,310 pence cash plus a 25 pence dividend per share.
This agreement comes ahead of the March 4 deadline and aims to create a significant global specialty insurance platform. Zurich Insurance CEO Mario Greco stated the combined entity would be the world's leading specialty underwriter with around $15 billion in pro forma gross written premiums.
The acquisition is expected to expand Zurich's presence in specialty lines like cyber, marine, and aviation. Analysts suggest this move could spur further consolidation in the fast-growing specialty insurance market.
Beazley shareholders are set to receive 1,335 pence per share, representing a substantial premium over pre-offer levels. The transaction is subject to due diligence and regulatory approvals.
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