Zurich has completed its £8.1bn takeover of Beazley, with the London-headquartered specialist insurer now set to delist from the London Stock Exchange following the implementation of the court-sanctioned scheme of arrangement.
The scheme became effective today, 1 October 2026, after Beazley and Zurich delivered a copy of the court order sanctioning the transaction to the Registrar of Companies.
Under the terms of the scheme, shareholders are entitled to receive 1,310 pence in cash for each Beazley share held at the scheme record time of 6pm on 30 September.
The latest date for the despatch of cheques to scheme shareholders, other than sanctioned shareholders, and settlement through CREST is 15 October.
Beazley said dealings in its shares are expected to be suspended by 7.30 am today.
Applications have also been made to the FCA and London Stock Exchange for Beazley’s shares to be delisted from the Official List and for the cancellation of their admission to trading on the LSE’s main market. Both are expected to take place by 8 am on 2 October.
With the scheme now effective, Beazley share certificates have ceased to be valid documents of title and entitlements to Beazley shares held through CREST will be cancelled.
The completion of the transaction has also triggered a change in Beazley’s board.
Clive Bannister, Rajesh Agrawal, Roy Clark, Pierre-Olivier Desaulle, Nicola Hodson, Fiona Muldoon, Carolyn Johnson, Anthony John Reizenstein and Cecilia Reyes Leuzinger have stepped down as directors.
They have been replaced by Patrick Manley, Earl Randall Clouser, Helen Pickford, Kristof Terryn and Claudia Cordioli, who have joined the Beazley board with effect from today.
The completion also means Beazley is no longer in an “Offer Period” under the Takeover Code. As a result, the dealing disclosure requirements that had applied to investors during the offer period no longer apply.
The transaction was originally agreed by the boards of Beazley and Zurich on 2 March 2026 and is being implemented through a scheme of arrangement under Part 26 of the Companies Act 2006.
