Zurich Insurance has been granted more time to determine whether it will make a formal offer to buy Beazley. Earlier this month, the firms reached an agreement in principle on key financial terms.

In a statement issued this week, Zurich it had begun a period of confirmatory due diligence, adding: “The parties are simultaneously discussing the detailed terms of the transaction and progressing definitive transaction documentation. Accordingly, the board of Beazley has requested, and the takeover panel has consented to, an extension of the deadline.”

The move means that Zurich now has until 4 March to confirm a firm offer. A number of previous Zurich offers were rejected by Beazley before a bid of 1,310 pence per share was greeted positively on 4 February, opening up the option for Zurich to potentially formalise the deal.