London, Feb 12, 2026, 08:39 GMT — Regular session
Shares of Beazley Plc edged up in early trading Thursday, climbing roughly 0.4% to 1,232 pence by 0838 GMT. Fresh takeover position disclosures kept the spotlight on potential deal activity. 1
Lloyd’s of London insurer Beazley is now in play, after Zurich Insurance Group and Beazley confirmed they’ve reached an agreement in principle on the financial details for a possible recommended cash offer. The deal would value Beazley at as much as 1,335 pence per share, including permitted dividends. 2
The share price still moves more like an event contract than a traditional insurer. At this stage, a swing of a few pence reflects traders’ bets on probability and timing, not on underlying premium rates or claims.
FMR LLC and FIL Limited, both associated with Fidelity, revealed in a filing they held a 3.70% stake in Beazley as of Feb. 10. The disclosure also noted recent Beazley share sales, with prices in the £12.3 to £12.4 range. 3
According to a Form 8.3 filing, Citadel Group holds an interest in Beazley amounting to 2.02% of shares, most of it through cash-settled derivatives. The firm also revealed a minor short position. 4
Cash-settled derivatives track a share price, but instead of changing hands with the actual stock, the deal closes out in cash. Traders use these frequently in takeover plays, especially for merger arbitrage, betting on the spread between where the stock trades and the price a bidder has put on the table.
Form 8 filings kick in under the UK Takeover Code when a company’s in play, compelling investors with significant holdings to reveal their stakes. For traders, these disclosures offer a window into the trade’s crowding and the leverage supporting it.
The risks are clear enough. Should Zurich fail to move ahead, shares could tumble as support for the deal disappears. And if talks stall, the discount might stick around—regardless of whether a formal bid shows up later.
Beazley isn’t finished yet—there’s no formal offer document or timetable on the table. So, more disclosures might land, and the market is still tallying support.
Zurich faces a crucial deadline: by 5 p.m. London time on Feb. 16, the company must either formally declare its bid for Beazley or walk away, as required by UK takeover regulations. 5
