Zurich Insurance has reached an agreement in principle on key financial terms of a takeover of Beazley, after months of rejected bids.

The two companies said Wednesday that Zurich had raised its bid to 1,310 pence per share, up from the most recently rejected offer of 1,280 pence.

In a statement on the proposal, Beazley said it had “carefully considered the proposal”, concluding that the financial terms are “at a level that it would be minded to recommend to Beazley shareholders should a firm intention to make an offer” on the terms set out by the two companies today.

Zurich first went public with an offer on 19th January, following a number of previous unsuccessful bids.