The enlarged business will remain headquartered in London.
Zurich Insurance Group has completed its acquisition of Beazley, creating what it said is the world’s largest specialty insurance business, headquartered in London.
Zurich said the integration of Beazley into its Global Specialty business is expected to generate more than $1b in additional annual revenue by 2029, alongside at least $150m in annual cost savings.
The deal is also expected to generate capital synergies, including at least $1b in one-off capital extraction within the first two years, while improving capital efficiency across the enlarged specialty business.
Zurich said Beazley’s underwriting teams will gain access to its distribution network and customer service operations.
The combined business will also join Lloyd’s of London, giving Zurich greater access to the market’s specialist underwriting and global distribution platform.
Kristof Terryn has been appointed CEO of Beazley and Global Specialty, subject to regulatory approval. Adrian Cox will leave Beazley as the company enters its next phase following the acquisition.
Helen Pickford, currently CFO of Zurich UK, will become CFO of Beazley and Zurich Global Specialty. Beazley’s current group CFO, Barbara Plucnar Jensen, will remain as senior adviser to support the integration until March 2027.
Sally Henderson will become Chief People & Sustainability Officer, replacing Liz Ashford, who is retiring.
Ed Bridge, formerly General Counsel of Zurich UK and Ireland, will become General Counsel of Beazley and Zurich Global Specialty.
Zurich Group CEO Mario Greco said the acquisition would allow the company to accelerate growth and offer new specialty insurance solutions to existing customers.
He said London would remain the base for the global specialty business, citing the market’s specialist talent and role in the global insurance industry.