Zurich Insurance's $10.3 Billion Beazley Offer Rejected

By Elena Vardon

Cyber insurer Beazley said it turned down a fifth takeover offer from Switzerland's Zurich Insurance that values the U.K. company at 7.67 billion pounds ($10.30 billion).

The board of the London-listed company unanimously rejected the most recent cash bid put forward by its larger peer, which it says materially undervalues Beazley and its long-term prospects, it said.

Zurich earlier this week went public with a 12.80 pound-a-share offer for Beazley at a generous premium to the stock's undisturbed price, following a slightly lower offer put forward early January that wasn't disclosed at the time and was rebuffed.

Beazley said Thursday that Zurich approached it three times in June and that it had rejected a higher 13.15 pound-a-share bid, implying a valuation of 8.4 billion pounds. The group said it engaged appropriately with its larger peer and allowed some limited due diligence information.

"The board is...open-minded about all options to deliver value," it said. Beazley said it is confident of its standalone prospects as a publicly listed company.

Beazley's shares, which jumped around 40% on Monday when the bid interest was disclosed, shed nearly 7% in early trading Thursday to 10.45 pounds before recovering some ground.

Write to Elena Vardon at elena.vardon@wsj.com

(END) Dow Jones Newswires

January 22, 2026 04:01 ET (09:01 GMT)