Zurich raises US$5.0bn to partly finance the acquisition of Beazley
Zurich - Zurich has successfully raised gross proceeds of CHF 3.9 billion / US$5.0 billion by way of an accelerated bookbuilding process. The net proceeds from the capital increase will be used to partly finance the acquisition of Beazley (the “Acquisition”).
Zurich has successfully completed the placement of 7,090,909 new registered shares (the “New Shares”), each with a par value of CHF 0.10 per share, at CHF 550 per new share (the “Issue Price”) by way of an accelerated bookbuild (the “Share Placement”), resulting in gross proceeds of approximately CHF 3.9 billion / US$5.0 billion.
On March 2, 2026, Zurich announced, in accordance with Rule 2.7 of the UK Takeover Code, that Beazley shareholders will be entitled to receive a total value of 1,335 pence per Beazley share, comprising of 1,310 pence in cash per Beazley share and a permitted dividend of 25 pence per Beazley share, which Beazley shareholders will be entitled to receive and retain in the form of an interim dividend payment in relation to the year ended 31 December 2025 expected to be paid on May 1, 2026. The net proceeds from the Share Placement will be used to partly finance the Acquisition, with the remaining part financed by existing cash and new debt facilities, as previously communicated.
The share capital of Zurich will increase from CHF 14,635,575.40 to CHF 15,344,666.30 through the issuance of 7,090,909 New Shares against cash contributions. The New Shares will rank pari passu with existing shares and be eligible to receive the dividend per share1 of CHF 30 for the fiscal year 2025.
The New Shares are expected to be listed and admitted to trading on SIX Swiss Exchange on or around March 5, 2026. Payment and settlement is expected to take place on or around March 5, 2026.
In connection with the Share Placement, Zurich has agreed to a lock-up period under which, subject to certain exceptions, no new shares may be issued for a period of 90 calendar days following March 2, 2026.
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