Zurich’s US$10.9 billion bet on specialty
The results arrive against the backdrop of a blockbuster takeover agreed on March 2, in which Zurich will pay 1,335 pence per share — 1,310p in cash plus a 25p permitted dividend. Beazley’s own filing puts the implied premium at 62.8% over its pre-offer market capitalisation, at a 2.5 times multiple of tangible net asset value.