Zurich Insurance Group has confirmed the completion of its £8.1 billion acquisition of Beazley, with the combined entity now claiming to be the world's largest specialty insurer by gross written premiums.
The announcement also confirms that Adrian Cox is leaving as Beazley's chief executive. Cox was not among the nine directors who stepped down when the scheme became effective on October 1. His departure as CEO is a separate development, confirmed today alongside the formal completion announcement.
Kristof Terryn is appointed CEO of Beazley and Zurich Global Specialty, subject to regulatory approval. Terryn has held senior roles across Zurich, including CEO North America and, most recently, CEO Europe, Middle East, and Global Head Retail.
Helen Pickford, currently CFO of Zurich UK, moves to CFO of Beazley and Zurich Global Specialty. Barbara Plucnar Jensen, Beazley's outgoing group CFO, will remain as senior advisor through March 2027 to support the integration.
Sally Henderson is appointed chief people and sustainability officer, succeeding Liz Ashford who is retiring. Ed Bridge, previously general counsel of Zurich UK and Ireland, takes the same role across the combined entity.
Zurich says integration targets include incremental annual revenue growth of over $1 billion by 2029 and at least $150 million in annual cost savings. A one-off capital extraction of at least $1 billion is targeted within the first two years.
The scheme of arrangement became effective on October 1, when Beazley's shares were suspended, with the London Stock Exchange delisting due by 8am today.
Zurich has not previously held a Lloyd's syndicate position. Its entry through Beazley's syndicates gives it direct access to Lloyd's capital, product, and distribution platform for the first time. The combined entity targets approximately US$15 billion in specialty gross written premiums, against roughly US$9 billion today.
