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Zurich Insurance has reached an agreement on “key terms” of a takeover of Beazley after the Swiss group sweetened its bid for the FTSE 100 insurer.
In a statement on Wednesday, the companies said Zurich had raised its offer to £13.10 a share, up from the £12.80 rejected by Beazley’s board last month.
Beazley said its board would recommend a deal to shareholders if Zurich makes a firm offer on the terms set out by the companies on Wednesday.
Zurich went public with its interest in Beazley last month after making several previously undisclosed approaches.
Zurich’s chief executive Mario Greco told the FT in January that the Swiss company wanted to acquire Beazley to expand its own speciality insurance business, which spans construction, energy and infrastructure, as well as its cyber and AI insurance portfolio.
This is a developing story.