Beazley Rejects £7.7 Billion Zurich Bid After Receiving Higher 2025 Offers

Beazley (BEZ) unanimously rejected Zurich's (ZURN) £7.7 billion takeover offer on January 22, 2026, calling the 1,280p-per-share bid a material undervaluation. The FTSE 100 insurer disclosed it received three higher proposals in June 2025, including one at £8.4 billion. Shares fell 3.6% to 1,083p, below the offer price, after jumping 40% to 1,140p on January 19 when Zurich disclosed its bid. Zurich CEO Mario Greco denied the approach was hostile, claiming transparency would encourage engagement. A merger would create a $15 billion revenue giant. Beazley reported $2.5 billion in shareholder returns over the past decade, including $1.3 billion in the last three years.