Zurich says it is now the “largest” specialty insurer after completing the acquisition of UK-headquartered Beazley. 

“By integrating Beazley into our global specialty business, we will accelerate growth and we will bring new very relevant solutions to our existing clients,” group CEO Mario Greco said. 

“Beazley’s underwriters will have immediate access to our distribution model and will join our customer service teams.” 

Zurich completed the £8.2 billion ($15.6 billion) cash purchase of Beazley last week.  

Mr Greco says the integration of Beazley will generate incremental revenue growth of more than $US1 billion ($1.44 billion) annually by 2029. 

 “London is one of the world's leading insurance markets and has already been chosen as the natural base for our global specialty business,” he said. 

“Joining Lloyd’s of London for the first time is an important step, giving us access to a unique platform for capital, product and service innovation, specialist underwriting and global reach.” 

Zurich CEO for Europe, Middle East and global head of retail Kristof Terryn has been named CEO of Beazley and Zurich Global Specialty following the deal’s completion. His appointment is subject to regulatory approval.  

The Swiss insurer says Adrian Cox, who became Beazley CEO in April 2021, is leaving the business. 

In other key appointments, Zurich UK CFO Helen Pickford will become CFO of Beazley and Zurich Global Specialty; and Beazley Group CFO Barbara Plucnar Jensen will continue to support the integration work as senior adviser until March.