London, Feb 12, 2026, 08:39 GMT — Regular session
Beazley Plc shares ticked higher Thursday morning, adding about 0.4% to reach 1,232 pence as of 0838 GMT. New disclosures of takeover positions continued to stoke deal speculation. 1
Beazley shares jumped into focus after Lloyd’s of London’s insurer and Zurich Insurance Group said they’d hammered out the main financial terms for what could become a recommended cash bid. If it goes ahead, the offer would peg Beazley at up to 1,335 pence a share, dividends included. 2
The stock trades more like a wager on specific outcomes than a typical insurance name. Right now, even a minor shift of a few pence captures speculation on timing and probability—premium rates or claims barely register in the action.
FMR LLC and FIL Limited—both linked to Fidelity—disclosed a 3.70% stake in Beazley as of Feb. 10, according to a recent filing. The same document shows recent Beazley share sales, prices coming in between £12.3 and £12.4. 3
Citing a Form 8.3, Citadel Group disclosed a 2.02% stake in Beazley, largely via cash-settled derivatives. The firm also flagged a small short. 4
Cash-settled derivatives move with a stock’s price, but there’s no exchange of the actual shares—settlement happens in cash. Traders lean on these instruments in takeover situations, particularly in merger arbitrage, to wager on the gap between a stock’s trading level and a bidder’s offer.
Under the UK Takeover Code, once a company is in play, investors holding sizable positions must file Form 8, disclosing their stakes. For traders, these filings crack open a view of how crowded the trade is and what kind of leverage is backing it.
The dangers here are pretty obvious. If Zurich doesn’t push forward, shares risk a sharp drop as backing for the deal fades. And stalled talks? That discount could linger, bid or no bid down the line.
Beazley hasn’t put out a formal offer document or set any timeline. That leaves the door open for more disclosures, while investors are still counting up the backing.
Zurich has until 5 p.m. London time on Feb. 16 to make its move—either officially announce an offer for Beazley or step aside, in line with UK takeover rules. 5
