Zurich Insurance Group has tabled a cash offer of 1,280 pence per share to acquire Beazley plc. The proposal is 50 pence a share higher than the offer made by Zurich at the beginning of January, which Beazley rejected. The new offer represents a premium of 56% to Beazley’s closing share price of 820 pence on 16 January 2026.

In a statement, Zurich said: “Zurich believes that its proposal provides Beazley shareholders immediate and certain cash value for their investment at a level that exceeds what Beazley could achieve over a reasonable timeframe through the execution of its strategy (as set out at Beazley’s Capital Markets Day on 25 November 2025), and fully reflects Beazley’s fundamental value.”

Analyst firm Peel Hunt gave the following view in a company report: “The offer values Beazley at 2.1x FY25E NAV (2.2x TNAV), a significant premium on the historic average M&A multiples at Lloyd’s (1.7x NAV).

“We believe this is a tempting offer for shareholders at an attractive premium; however, Beazley has traded as high as 2.5-2.7x NAV in the past. In addition, Amlin was taken over at a multiple of 2.3x NAV.”