The European Commission has approved Zurich’s acquisition of Beazley.

The Swiss giant, with an estimated 82 million customers in 200 countries, announced earlier this year its bid to buy the UK specialty insurer, which operates in Europe, Asia and North America.

In a June 26 circular, the European Commission noted a preliminary examination showed the transaction could fall within merger regulations.

It reserved a final decision until this week, when it announced it would not to oppose the acquisition, declaring it compatible with the internal market.

The Australian Competition and Consumer Commission cleared the buyout last month after reviewing potential market impacts.

It found the pair are not close competitors in the Australian market, having different areas of focus.

Zurich says the deal combines two complementary businesses and will leverage Beazley’s Lloyd’s presence.

Beazley is active in cyber, professional indemnity, marine, accident and life, political risks and contingency, and property insurance.

The deal still faces regulatory hurdles including UK Prudential Regulation Authority approval.