Zurich Insurance Group has completed its £8.1 bn acquisition of Lloyd’s insurer Beazley, effective Oct. 1, bringing the businesses together under Zurich’s Global Specialty operation.
Beazley shares were suspended from trading on the London Stock Exchange before the company was delisted on Oct. 2. Under the scheme of arrangement, Beazley shareholders will receive 1,310 pence for each share held as of Sept. 30, 2026, with payment scheduled for Oct. 15.
Zurich said the transaction creates the world’s largest specialty insurance business, headquartered in London. Beazley will become part of Zurich Global Specialty, giving its underwriting teams access to Zurich’s distribution model and customer service operations.
Zurich expects the combination to generate more than $1 bn in additional annual revenue by 2029 and at least $150 mn in combined annual cost savings. The insurer also expects at least $1 bn of one-off capital extraction during the first two years, alongside greater capital efficiency across the enlarged specialty business.
By integrating Beazley into our Global Specialty business, we will accelerate growth and we will bring new very relevant solutions to our existing clients. Beazley’s underwriters will have immediate access to our distribution model and will join our customer service teams.
Mario Greco, group CEO of Zurich Insurance Group
Greco said London will remain the base for Zurich’s Global Specialty business. The acquisition also brings Zurich into Lloyd’s of London for the first time, providing access to its specialist underwriting platform and international distribution.
Following completion, Kristof Terryn has been appointed CEO of Beazley and Zurich Global Specialty, subject to regulatory approval. Beazley CEO Adrian Cox will leave the company as the business moves into the integration phase.
“We would like to thank Adrian Cox for his leadership of Beazley over many years,” Greco said. He added that Terryn’s experience and knowledge of specialty insurance would support the next stage of the combined operation.
- Beazley also announced a new board comprising Patrick Manley, Earl Randall Clouser, Helen Pickford, Claudia Cordioli and Terryn. Former chairman Clive Bannister and directors Rajesh Agrawal, Roy Clark, Pierre-Olivier Desaulle, Nicola Hodson, Fiona Muldoon, Carolyn Johnson, John Reizenstein and Cecilia Reyes Leuzinger have stepped down.
- Zurich also announced several changes to Beazley’s management team. Helen Pickford, currently CFO at Zurich UK, will become CFO of Beazley and Zurich Global Specialty. Barbara Plucnar Jensen, Beazley’s current group CFO, will remain as a senior adviser supporting the integration until March 2027.
- Sally Henderson will become chief people and sustainability officer for Beazley and Zurich Global Specialty, succeeding Liz Ashford, who is retiring. Ed Bridge has been appointed general counsel for the combined specialty operation after previously serving as general counsel for Zurich UK and Ireland.
Zurich said the acquisition combines two specialty insurance businesses with operations across multiple markets while retaining London as the centre of the enlarged division. The group expects the integration to increase revenue, reduce costs and release capital during the first two years after completion.
