Zurich will proceed with its acquisition of Beazley after the pair agreed terms following a preliminary deal last month on a revised £8.1 billion ($15.3 billion) cash offer.

As outlined in the preliminary deal, the Swiss insurer will pay Beazley shareholders £13.10 ($24.88) cash per stock and an interim dividend of 25p (47c) for calendar 2025.

The acquisition is expected to close in the second half of the year, pending regulatory clearance and shareholder approval.

“This transaction is a strong step in accelerating Zurich’s specialty strategy,” CEO Mario Greco said.

“Leveraging Beazley’s established Lloyd’s platform, the combined specialty business will be headquartered in London and will be a powerful platform for long-term growth in specialty lines.”

He says the combined specialty business will have $US15 billion ($21.3 billion) in gross written premium.

“Together with Beazley, we will create the world’s leading specialty underwriter … [with] exceptional underwriting expertise and data capabilities, and leading access to global distribution.”

Beazley’s board has recommended shareholders vote for the buyout.

“Combining with Zurich, at a price which reflects an attractive value for shareholders, will create a … global leader in specialty underwriting,” chair Clive Bannister said.

“The Beazley board is pleased to recommend acceptance of Zurich’s offer.”

Beazley CEO Adrian Cox says the combined business will be a major player in cyber, a top 10 participant in the US excess and surplus lines market, and the leader at Lloyd’s.

“Our clients and brokers are navigating an era of accelerating risk, which also represents an outsized growth opportunity for specialty insurance,” he said.

“By combining our deep underwriting expertise and broad market reach, we will be able to support them to meet the challenges of an increasingly complex and volatile risk landscape.”