London-listed specialty insurer Beazley said on Wednesday that shareholders approved Swiss group Zurich Insurance’s 8.1 billion pound ($10.94 billion) all-cash takeover, with 99.9% votes in favor at a meeting held earlier in the day.
The acquisition, which follows a series of cyber-focused investments by Zurich, will help the Swiss insurer significantly expand its foothold in specialty insurance, encompassing areas such as cyber, marine, aviation, space and fine art.
Days after Zurich struck the deal with Beazley, it also agreed to buy Generali’s Irish P&C operations for 337 million euros ($394.69 million).
Last year, it acquired Canadian cyber insurtech Boxx Insurance, after backing the company in earlier funding rounds. In 2024, it had invested $60 million in California-based Cowbell.
Earlier in March, Zurich raised 3.9 billion Swiss francs ($4.98 billion) in a share sale to help finance the Beazley acquisition, after the British insurer accepted an improved offer of up to 1,335 pence per share.
The transaction remains subject to court sanction, which Beazley said it expects will take place during the second-half of 2026.
Source: Reuters.com