Zurich Insurance Group has disclosed a 1.47 per cent stake in Beazley worth approximately £100 million, just over a week after the London-listed specialist insurer rejected its latest takeover proposal.

The Swiss insurer held about 8.9 million ordinary shares in Beazley as of 30 January, according to a regulatory filing released on Monday. The disclosure places Zurich within Beazley's top 20 shareholders, with the stake purchases beginning on 19 January.

The filing follows Beazley's rejection last month of Zurich's fifth takeover approach, a £7.67 billion offer valuing the company at 1,280 pence per share. Beazley's board said the proposal "materially undervalues" the firm and its longer-term prospects as an independent company.

Beazley subsequently revealed that Zurich had made three proposals in June 2025, including one at 1,315 pence per share implying an equity value of about £8.4 billion. That offer was also turned down, though Beazley said it had engaged with Zurich and provided limited due diligence information "in a good faith effort to come to a shared understanding of value".

Zurich's chief executive Mario Greco has now made five approaches to acquire the Lloyd's of London insurer, which operates across Europe, North America, Latin America and Asia. The latest proposal represented a roughly 56 per cent premium to Beazley's closing share price on 16 January, according to Zurich.

A successful deal would create a speciality insurance business with about $15 billion of gross written premiums. Zurich's property and casualty division generated roughly $47 billion of gross written premiums in 2024, with its speciality platform at approximately $9 billion.

Beazley's shares have risen about 35 per cent over the past 12 months and jumped sharply after Zurich's interest became public, though they remain below the rejected offer price. The company's market capitalisation currently stands at approximately £6.8 billion.

The stake disclosure offers no detail on Zurich's intentions beyond the ownership level, though the timing suggests the Swiss insurer remains interested in pursuing a combination despite the repeated rejections. Building a minority position is a common tactic in contested takeover situations, potentially providing leverage in future negotiations.

Under UK takeover rules, Zurich has until 16 February to announce a firm intention to make an offer or confirm it does not intend to proceed. When asked about the disclosed stake, Zurich told Reuters it had "nothing to add" beyond the filing, whilst Beazley did not immediately respond to requests for comment.

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