Zurich Insurance Group (Zurich) has completed its takeover of Beazley. The merger of these two highly complementary businesses creates the world's largest specialty insurer, headquartered in London, according to a statement on Friday.

“By integrating Beazley into our global specialty business, we will accelerate growth and offer our existing clients new, relevant solutions,” CEO Mario Greco said. “Beazley’s underwriters will gain immediate access to our distribution model and become part of our client-service teams.”

By 2029, the integration of Beazley is expected to generate additional annual revenue growth of more than $1 billion. In addition, annual cost savings of at least $150 million are expected, as well as significant capital synergies in the form of a one-off capital release of at least $1 billion within the first two years.

Shares to be delisted

Zurich made a $11 billion offer for Beazley in March. Beazley shareholders approved the plan in April.

Beazley shares will be delisted on Friday (today), and payments to shareholders are due to be made by October 15 at the latest.

Kristof Terryn will also be appointed CEO of Beazley and Zurich Global Specialty, subject to regulatory approval. Adrian Cox will leave Beazley.

Helen Pickford, currently Chief Financial Officer (CFO) of Zurich UK, will also be appointed CFO of Beazley and Zurich Global Specialty. Barbara Plucnar Jensen, currently Group CFO of Beazley, will continue supporting the integration efforts as Senior Advisor until March 2027.

There will also be personnel changes in other management positions, and the board of directors will also be reconstituted, as can be seen in a statement from Beazley.