London, Feb 10, 2026, 09:08 GMT — Regular session
- Beazley slipped 0.48% to 1,239 pence early in the London session.
- Shares remain under the 1,335 pence per share figure Zurich has put forward.
- Vanguard and Norges Bank turned up in the latest UK Takeover Code filings, which flagged both firms’ positions.
Shares of Beazley slipped 0.48% to 1,239 pence by 08:53 GMT on Tuesday, following a Monday close at 1,245 pence. The FTSE 100 insurer started the session at 1,241 pence. 1
The move itself is modest. Timing, though, draws attention. Investors continue to measure the stock against the takeover timeline. New disclosures are sharpening the view of the shareholder base as the register settles.
Zurich Insurance is weighing a potential cash bid for Beazley, putting a price tag on the company of as much as 1,335 pence per share. That breaks down as 1,310 pence in cash, plus up to 25 pence in dividends permitted for the year through Dec. 31, 2025. As of Tuesday, Beazley’s stock sits about 96 pence, or 7%, below that top-line figure. 2
Zurich is pushing for a binding offer, following Beazley’s signal that it would likely back the proposal if Zurich goes firm. MKI Global CEO Mark Kelly, speaking last week, put it plainly: “risks should be low” for the deal’s completion. 3
Vanguard disclosed a 5.03% stake in Beazley, holding 30,137,865 shares, according to a Form 8.3 filed Monday during the offer period. 4
Norges Bank’s latest filing, released early Tuesday, puts its stake at 13,995,208 shares, or 2.33%. The bank also picked up a modest 11,928 shares at 12.39 pounds apiece. 5
Investors hit the 1% threshold in relevant securities during an offer period? The UK Takeover Code says they need to file a Form 8.3. These filings also log any dealing activity, so the market can track positions as the takeover unfolds. 6
The offer has put a spotlight on other specialty insurers trading in London with ties to Lloyd’s. “Softening pricing across key commercial classes typically sets the stage for a multi‑year consolidation cycle,” Salman Siddiqui, associate managing director at Moody’s Ratings, told Reuters last week. 7
Yet Beazley’s shares continue to trade at a discount, underscoring that nothing is sealed just yet. Zurich has until 5:00 p.m. London time on Feb. 16, 2026, to make a firm offer or back out—unless the Takeover Panel grants more time. According to Zurich’s Jan. 19 filing, it already owns roughly 1.465% of Beazley. 8
Traders now face a period heavy on filings and disclosures, less on big headlines; they’re watching for fresh details around the “put up or shut up” date, and scanning for any trouble spots due diligence might flag.
Aside from the focus on the bid structure, investors have Beazley’s schedule in their sights. Full-year 2025 results land on March 4—timing that could prove pivotal for the permitted dividend language in the existing offer. 9
