London, Jan 22, 2026, 08:48 GMT — Regular session
- Beazley shares dipped in early London trading following the insurer’s rejection of Zurich’s most recent cash offer.
- The board argued that the 1,280p-per-share offer significantly undervalued Beazley and its potential as an independent company.
- Investors await any updated response from Zurich following the rejection.
Shares of Beazley (BEZ.L) dropped roughly 3% Thursday following the British specialty insurer’s rejection of Zurich Insurance Group’s latest takeover bid. Beazley said the offer undervalued the firm. 1
This resistance is crucial since the stock has behaved like a deal candidate ever since Zurich’s IPO. Now, the ball is in the bidder’s court. Traders face a familiar UK takeover dilemma: either raise the offer or step aside.
Beazley slipped 3.1% to 1,088 pence by 08:30 GMT, following Wednesday’s close at 1,123 pence. The stock had surged over 40% on Jan. 19 when the bid became public. 2
Beazley’s board has unanimously turned down Zurich’s latest cash offer of 1,280p per share, following a thorough review with advisers, the company said in a statement. The offer came in lower than Zurich’s previous bid in late June, which valued Beazley at 1,315p per share and roughly 2.4 times tangible book value — a balance-sheet metric excluding intangibles. Beazley highlighted its underwriting performance, noting an average combined ratio of 78% since 2022. (A combined ratio under 100% indicates underwriting profit.) 3
Zurich’s offer has sparked fresh debate over the value of London-listed specialty insurers in this buyer’s market. Shares of rivals like Hiscox and Lancashire gained Monday, fueled by speculation that more deals could be on the horizon. 4
Zurich Chief Executive Mario Greco put the ball squarely in the shareholders’ court. “I made an offer, it’s distant from being accepted, and now the shareholders have to speak about it,” he told Insurance Journal in a phone interview. He added, “Beazley is a very complementary business to ours… The fit is very strong.”
The downside is clear. If Zurich fails to boost its offer, the takeover premium on Beazley shares could vanish fast—particularly if risk appetite weakens or insurance pricing shifts unfavorably. A drawn-out public tussle risks diverting management’s focus and increasing scrutiny on short-term underwriting volatility.
The next key deadline comes from the UK takeover timetable: Zurich has until 5 p.m. London time on Feb. 16 to either make a firm offer or withdraw, according to Takeover Code rules. 5
