Zurich Insurance Group has confirmed the completion of its £8.1 billion ($10.9 billion) acquisition of Beazley, with the combined entity now claiming to be the world's largest specialty insurer by gross written premiums.
The announcement, dated October 2, 2026, also confirms that Adrian Cox is leaving as Beazley's chief executive. Zurich did not give details on the timing of his departure or provide comment from Cox. Cox was not among the nine directors who stepped down when the scheme became effective on October 1.
Kristof Terryn is appointed CEO of Beazley and Zurich Global Specialty, subject to regulatory approval. Terryn was among the five Zurich-nominated directors appointed to Beazley's board on October 1 and 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 US$1 billion by 2029 and at least US$150 million in annual cost savings. A one-off capital extraction of at least US$1 billion is targeted within the first two years.
The scheme of arrangement became effective on October 1, when Beazley's shares were suspended. Beazley was delisted from the London Stock Exchange on October 2.
Beazley's syndicates give Zurich a substantial Lloyd's platform, with the group describing its entry into the Lloyd's market as a first.
