Zurich must decide on its next step after London-listed specialty insurer Beazley rejected its latest buyout bid.

The Swiss insurer says it is required under British takeover rules “to announce a firm intention to make an offer for Beazley … or to announce it does not intend to make an offer” no later than 5pm on February 16, UK time.

“There can be no certainty that any offer will be made,” Zurich said in a statement last month detailing its most recent failed attempt to acquire the insurer.

“A further announcement will be made if and when appropriate.”

The January statement was the first time Zurich had publicly revealed its interest in Beazley, which has established a strong presence in specialty lines, especially the fast-growing cyber market.

Beazley rejected Zurich’s fifth and latest offer, saying the £7.67 billion ($15.06 billion) bid “materially undervalues” the business.

The offer fell below an £8.4 billion ($16.5 billion) bid Zurich made in June last year – one of three submitted that month.

Investment bank Jefferies says in a research note: “Now that we know [the latest] offer was not the highest, this reframes the debate.

“On the one hand, it is difficult for Beazley’s board to accept ... On the other hand, we accept that the previous high offer ... from June 2025 preceded two consecutive quarterly disappointments, as well as a lacklustre investor day, which arguably reduce the value of Beazley.

“But a deal is still possible in our view. We think Zurich can afford better terms.”

RBC Capital Markets analysts said in a research note: “The [Zurich] CEO has been quite direct in his press comments ... of the importance of Beazley’s operations to their strategic plans for the specialty business.”