Zurich Insurance Group has completed its purchase of specialty insurer Beazley, marking its first move into Lloyd’s of London.
Beazley will now join Zurich’s Global Specialty business, which is headquartered in London.
By 2029, Zurich expects the deal to add more than US$1 billion in revenue growth each year. It is also targeting at least US$150 million in combined annual cost savings.
Within the first two years, the group anticipates a one-off capital release of at least US$1 billion.
“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,”
said Mario Greco, Group Chief Executive Officer of Zurich.
Kristof Terryn has been appointed CEO of Beazley and Zurich Global Specialty, subject to regulatory approval. Adrian Cox will leave Beazley as it begins its next phase.
Helen Pickford, currently CFO of Zurich UK, will take the same role at Beazley and Zurich Global Specialty.
Beazley Group CFO Barbara Plucnar Jensen will stay on as Senior Advisor until March 2027 to support the integration.
Sally Henderson will become Chief People and Sustainability Officer, taking over from Liz Ashford, who has decided to retire.
Ed Bridge will be General Counsel of the combined business. He previously held the same role at Zurich UK and Ireland.
Featured image: Edited by Fintech News Switzerland, based on image by Zurich Insurance Group via its website and sekillerim05 via Magnific.
