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(Sharecast News) - London-listed insurer Beazley said on Monday that it has agreed to be taken over by Zurich Insurance in an 8.1bn deal.
Beazley announced in February that it would be minded to recommend the proposal if a firm bid was made.
Under the terms of the deal, Beazley shareholders will receive 1,310p per share in cash and a 25p dividend in relation to the year ended 31 December 2025.
The price represents a 59.8% premium to the closing Beazley share price on 16 January, which was the last business day before the offer period.
Beazley chief executive Adrian Cox said: "Beazley relentlessly prioritises underwriting discipline, combined with a culture of innovation, to achieve growth and deliver success. This has made us a leading global brand in specialty insurance.
"Today's announcement signals our joint intent to build a US$15 billion, global specialty leader - with Beazley at its core. It will be a leading provider in cyber, a top-ten participant in the US Excess and Surplus Lines market and the leader at Lloyd's.
"Our clients and brokers are navigating an era of accelerating risk, which also represents an outsized growth opportunity for specialty insurance. By combining our deep underwriting expertise and broad market reach, we will be able to support them to meet the challenges of an increasingly complex and volatile risk landscape."
At 1605 GMT, Beazley shares were up 1.9% at 1,291p.
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