Under the EU Merger Regulation, the European Commission has approved the acquisition of sole control of London-headquartered specialist insurer Beazley by global insurer Zurich Insurance Group Ltd.
The Commission concluded that the notified transaction would not raise competition concerns, given the companies’ limited market positions. The notified transaction was examined under the simplified merger review procedure.
As a reminder, on January 4, 2026, Zurich submitted a proposal of 1,230 pence in cash per Beazley share to acquire 100% of the insurer. The offer was rejected by Beazley’s board on January 16.
On January 19, Zurich returned with an improved proposal of 1,280 pence per share, which was again rejected, as it “materially undervalues Beazley and its longer-term prospects as an independent company,” according to Beazley’s board.
In February, the two insurers reached an agreement on the key financial terms of a potential recommended cash offer after Zurich returned with an improved proposal worth up to 1,335 pence per Beazley share.
Most recently, on March 2, 2026, the companies reached an agreement for Zurich to acquire Beazley in an £8.1 billion (USD 10.8 billion) all-cash transaction.
