Zurich Insurance Group has completed its acquisition of Beazley, bringing the two businesses together to create what Zurich describes as the world’s largest specialty insurance business, headquartered in London.

The combined operation will form part of Zurich’s global specialty business and will have access to Beazley’s Lloyd’s of London platform. Zurich said the integration is expected to generate more than US$1bn (£758m) of additional annual revenue by 2029, alongside at least US$150m (£114m) of combined annual cost savings.

Zurich said the integration will give Beazley’s underwriters access to its distribution model, while bringing the businesses together under its global specialty operation.

Kristof Terryn has been appointed CEO of Beazley and Zurich Global Specialty, subject to regulatory approval. Previous CEO Adrian Cox is leaving Beazley as the organisation begins its next phase.

Mario Greco, CEO at Zurich, said: “By integrating Beazley into our global specialty business, we will accelerate growth and we will bring new very relevant solutions to our existing clients. Beazley’s underwriters will have immediate access to our distribution model and will join our customer service teams.”

He added: “London is one of the world’s leading insurance markets and has already been chosen as the natural base for our global specialty business. Zurich has been operating in the UK for more than a century, and we know the strength of the market, its talent and its role in shaping the industry's future. Joining Lloyd’s of London for the first time is an important step, giving us access to a unique platform for capital, product and service innovation, specialist underwriting and global reach.”

He also thanked Cox for his leadership of Beazley and said Terryn’s experience and understanding of the specialty market would position the business for its next phase of growth.
The acquisition follows Zurich’s recommended cash offer for Beazley announced in March, under which Beazley shareholders were offered 1,310 pence in cash per share plus a permitted 25 pence dividend.