Specialist insurer Beazley confirmed its board had unanimously rejected a cash offer of 1,280p per share from Zurich, saying the offer “significantly undervalued Beazley and its long-term prospects as an independent company”.
Beazley’s decision follows a detailed evaluation of the Jan. 19 proposal by the board and its advisers.
Beazley said the board is fully focused on maximizing shareholder value, has listened to shareholder feedback and is “open” to all options to deliver value.
Interestingly, Beazley revealed that its board of directors received three proposals from Zurich in June 2025, of which the terms of the latest proposal were actually lower than the last proposal submitted by Zurich in late June last year, but was rejected by Beazley. The proposal values ​​the insurer at 1,315 pence per share, with an implied equity value of £8.4 billion, equivalent to about 2.4 times tangible book value as at December 31, 2024.
Beazley’s statement said: “The board is very confident in Beazley’s independent prospects as a public company and the attractiveness of the fundamentals of Beazley’s business model, and believes that Beazley is uniquely positioned in the global insurance market to maximize long-term shareholder value and realize the full potential of its specialty platform.”
