PRESS: Zurich Insurance eyes Lloyd's syndicate as Beazley alternative

Zurich Insurance Group AG is preparing to launch its first Lloyd’s of London syndicate as a back-up for its bid to takeover Beazley PLC, the Financial Times reported on Tuesday.

Zurich on Monday confirmed it had made a £7.7 billion offer to buy London-based Beazley, a FTSE 100 insurer that operates in the Lloyd’s market.

Beazley later on Monday confirmed it receive an ‘unsolicited, non-binding and conditional proposal’ from Zurich on January 4 at 1,230 pence per share. The Beazley board unanimously rejected that approach on Friday on the basis that it ‘significantly’ undervalued the company, it said.

Zurich said it then submitted an improved offer of 1,280p per share. Beazley said its board had not yet had the opportunity to consider the revised proposal and will update shareholders in due course. In the meantime, shareholders were urged to take no action.

Zurich Chief Executive Mario Greco told the FT the company is finalising plans for a Lloyd’s syndicate, which would provide it with an alternative entry into the market if its offer for Beazley is rejected.

Greco said the Lloyd’s launch could be as soon at April 2, the newspaper said.

Beazley shares closed at 1,129.00 pence on Tuesday, giving it a market capitalisation of £6.77 billion. Zurich Insurance ended in Zurich at fr.568.40 for a fr.83.19 billion, about £78.19 billion, market cap.

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