Zurich is allowed to buy the British insurer Beazley
Keystone-SDA
The Zurich Insurance Group has received the green light from the European Commission (EC) to acquire the British specialist insurer Beazley.
The EC approved the acquisition under a simplified merger control procedure, as it announced on Tuesday.
The EC went on to state that the proposed transaction did not raise any competition concerns, as the two companies would hold only limited market positions in the EU for the relevant insurance products and services following the proposed transaction.
In March, Zurich had made a binding offer to acquire Beazley for a total of just under $11 billion. Beazley’s shareholders approved Zurich’s offer by a large majority in April.
With Beazley, Zurich aims to become a leading global specialist insurer in sectors such as cyber, infrastructure and renewable energy.
According to earlier statements, the acquisition is expected to be completed in the second half of 2026. Further regulatory approvals are still required, including from Switzerland and Britain. In addition, judicial approval of the “Scheme of Arrangement” by a competent British court is also required.
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Translated from German, reviewed by an English Department journalist.
