Completion of Beazley acquisition

               

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION           

THE FOLLOWING ANNOUNCEMENT IS BEING MADE PURSUANT TO THE REQUIREMENTS OF RULE 19.6(B) OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE")

For immediate release
2 October 2026

Zurich Insurance Group Ltd ("Zurich")

Completion of Beazley acquisition, creating world's largest specialty insurer

On 1 October 2026, Zurich Insurance Group completed the acquisition of Beazley plc ("Beazley") (the "Transaction"), bringing together two highly complementary businesses to create the world's largest specialty insurance business, headquartered in London.

Mario Greco, Group Chief Executive Officer, commented: "By integrating Beazley into our Global Specialty business, we will accelerate growth and we will bring new very relevant solutions to our existing clients. Beazley's underwriters will have immediate access to our distribution model and will join our customer service teams."

"By 2029, the integration of Beazley will generate incremental revenue growth of over USD 1 billion per annum, at least USD 150 million of combined annual cost savings and meaningful capital synergies of at least USD 1 billion of one-off capital extraction within the first two years, while benefiting from greater capital efficiency across a larger and more diversified Specialty business."

Mario Greco added: "London is one of the world's leading insurance markets and has already been chosen as the natural base for our global Specialty business. Zurich has been operating in the UK for more than a century, and we know the strength of the market, its talent and its role in shaping the industry's future. 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."

Rule 19.6(b) update to post-offer statements of intention with regard to Beazley

Following the completion of the acquisition, Kristof Terryn is appointed Chief Executive Officer of Beazley and Zurich Global Specialty, subject to regulatory approval. Adrian Cox will be leaving Beazley as the organization begins its next phase.

Mario Greco commented: "We would like to thank Adrian Cox for his leadership of Beazley over many years. Kristof Terryn's extensive experience, combined with his understanding of the Specialty market and the strengths that have made Beazley successful, will now position the business for a new phase of growth."

In addition, the following changes to the Beazley management team are announced:

·      Helen Pickford, current Chief Financial Officer (CFO) at Zurich UK, will be appointed CFO of Beazley and Zurich Global Specialty. Barbara Plucnar Jensen, current Beazley Group CFO, will continue to support the integration work as Senior Advisor until March 2027. Barbara has played a pivotal role in shaping Beazley's Finance function and performance management, and Zurich are pleased to count on her in this key phase of the integration.

·      Sally Henderson will be appointed Chief People & Sustainability Officer, Beazley and Zurich Global Specialty. Sally succeeds Liz Ashford, who has decided to retire. Liz has been instrumental in shaping the Beazley team, which is recognized in the market for its talent, expertise, and unique culture.       

·      Ed Bridge will be appointed General Counsel, Beazley and Zurich Global Specialty. Previously, Ed served as General Counsel Zurich UK and Ireland.

In connection with the Transaction, Zurich made post-offer statements of intention pursuant to Rules 2.7(c)(viii) and 24.2(a)(ii) of the Code, as set out in the announcement made pursuant to Rule 2.7 of the Code on 2 March 2026 and the circular in relation to the implementation of the Transaction by means of a court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006 dated 26 March 2026. This announcement provides updates to those statements of intention and is made in accordance with Rule 19.6(b) of the Code.

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Important Notices

Certain statements in this document are forward-looking statements, including, but not limited to, statements that are predictions of or indicate future events, trends, plans or objectives of Zurich or the Zurich Insurance Group (the Group). Forward-looking statements include statements regarding the Group's targeted profit, return on equity targets, expenses, pricing conditions, dividend policy, underwriting and claims results, business initiatives (including, but not limited to, sustainability matters), as well as statements regarding the Group's understanding of general economic, financial and insurance market conditions and expected developments. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results and plans, policies, initiatives and objectives of Zurich or the Group to differ materially from those expressed or implied in the forward-looking statements (or from past results). Factors such as (i) general economic conditions and competitive factors, particularly in key markets; (ii) the risk of a global economic downturn, in the financial services industries in particular; (iii) performance of financial markets; (iv) levels of interest rates and currency exchange rates; (v) frequency, severity and development of insured claims events; (vi) mortality and morbidity experience; (vii) policy renewal and lapse rates; (viii) increased litigation activity and regulatory actions; and (ix) changes in laws and regulations and in the policies of regulators, and the possibility of conflict between different governmental standards and regulatory regimes may have a direct bearing on the results of operations of Zurich and the Group and on whether the targets will be achieved. Zurich undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise.

It should be noted that past performance is not a guide to future performance. Please also note that interim results are not necessarily indicative of full-year results.

This announcement is for information purposes only and is not intended to, and does not, constitute or form part of any offer or invitation, or the solicitation of an offer or invitation, to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities or the solicitation of any vote or approval in any jurisdiction pursuant to a potential transaction or otherwise.

The distribution of this announcement in jurisdictions outside the United Kingdom may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about, and observe, such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities law of any such jurisdiction.