Beazley, a London-listed specialty insurer, said shareholders have approved Zurich Insurance’s £8.1bn all-cash takeover of the company.
The deal was backed by 99.9% of votes at a shareholder meeting held earlier in the day, according to Reuters.
The acquisition will significantly expand Zurich’s position in specialty insurance, particularly in areas such as cyber, marine, aviation, space and fine art insurance.
The move also aligns with Zurich’s broader strategy to strengthen its presence in cyber and specialty risk markets through acquisitions and investments.
Days after reaching the agreement with Beazley, Zurich also announced a deal to acquire Generali’s Irish property and casualty operations for €337m ($394.7m).
The insurer has also been expanding its cyber capabilities through investments in the InsurTech sector. Last year it acquired Canadian cyber InsurTech firm Boxx Insurance, having previously participated in the company’s earlier funding rounds.
In 2024, Zurich also invested $60m in California-based cyber insurer Cowbell.
To support the Beazley acquisition, Zurich raised 3.9bn Swiss francs ($4.98bn) through a share sale earlier this year. The funding followed Beazley’s acceptance of an improved offer of up to 1,335 pence per share.
The transaction remains subject to court approval, which Beazley said it expects to take place during the second half of 2026.
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