Jason Kaminsky, CEO of kWh Analytics, will report directly to Tim Turner, Group Head of MAP Risks and be a key part of the transition underwriting strategy, which is led by Kelly Malynn.

“Joining Beazley represents an exciting new chapter for kWh Analytics. Together, we will accelerate the development of risk products and services that support the energy transition. Beazley’s global reach and commitment to innovation make them the right partner to scale our mission,” Kaminsky commented.

Beazley said the global energy transition represents a significant strategic growth opportunity and that it is focused on underwriting the complex risks needed to support that shift.

With this in mind, the specialty insurer said that the acquisition of kWh Analytics will add scale and strengthen its capabilities in modelling, underwriting and risk management across renewable energy portfolios.

Adrian Cox, CEO of Beazley, added, “The energy transition represents one of the most significant opportunities for the specialty insurance market.

“At Beazley, we see transition underwriting as a dynamic, long‑term driver of structural growth, with investment in the energy transition projected to reach multiple trillions in the next decade.

“kWh Analytics’ reputation as an innovative player in the renewable energy space is well established, and this acquisition reflects our continued investment in the capabilities needed to support our transition clients with solutions to complex risk. I’m excited to work with the fantastic team at kWh Analytics.”

Earlier this year, kWh Analytics renewed its agreement with Aspen Specialty, expanding support of its Property Insurance offering for renewable energy assets and projects.

In 2025, kWh Analytics added a new $20m capacity layer to its natural catastrophe solution for the renewable energy sector. Also, it closed a Munich Re-backed parametric wind proxy hedge for Apex Clean Energy.

In related news, this month, an agreement was reached for global insurer Zurich to acquire Beazley in an £8.1 billion all-cash transaction, bringing together “two highly complementary businesses to establish a global leader in Specialty insurance.”

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Although earnings were slightly lower than in 2024, the group said the year underscored the accelerating shift in global risk dynamics, from January’s catastrophic wildfires to persistent geopolitical tensions and increasingly sophisticated cyber attacks targeting supply chains, leaving businesses with little respite from volatility.

Against this backdrop, Beazley said it leveraged its expertise to help clients navigate uncertainty while continuing to invest for the future.

With this in mind, the firm’s claims ratio in 2025 was 44.5%, up from 43.1% in 2024.

This was reportedly offset by improved performance on current year losses, driven by Beazley’s focus on rate adequacy, as well as experiencing a more benign catastrophe season compared to 2024.

The expense ratio rose to 32.8% from 31.7%, which the firm attributed to continued investment in technology upgrades and higher staff remuneration linked to strong profitability in recent years.

Meanwhile, Beazley’s insurance written premiums edged down to $6.10bn in 2025 from $6.16bn in 2024, while net insurance written premiums rose to $5.20bn from $5.15bn a year earlier.

Of the 2025 written premiums total, Specialty Risks accounted for $1.98bn and Property Risks $1.73bn. MAP Risks contributed $1.00bn, Cyber Risks delivered $1.16bn, and Digital added $0.23bn.

At the same time, Beazley’s insurance service result was $1.17bn, down from $1.24bn a year earlier.

However, insurance revenue rose 6.8% to $6.06bn in 2025, up from $5.68bn in 2024, reflecting the recognition of premium growth written throughout 2024.

By segment, Specialty Risks generated $1.96bn of revenue, followed by Property Risks at $1.69bn, Cyber Risks at $1.22bn, MAP Risks at $0.97bn and Digital at $0.23bn.

Beazley’s Group Chief Financial Officer, Barbara Plucnar Jensen, commented, “This year’s results reflect the continued strength and resilience of our business model, underpinned by disciplined underwriting, prudent capital management and a clear focus on long-term value creation.

“In an environment characterised by ongoing macroeconomic uncertainty and heightened scrutiny of capital allocation, we have remained consistent in our approach: protecting profit margin performance today while investing selectively to sustain attractive returns over the cycle.

“Our capital position remains robust, enabling us to balance near-term returns to shareholders with targeted investment in areas where we see durable structural opportunity. While we recognise the importance of short-term capital deployment, our decisions are guided by the long-term interests of the business and our shareholders.

“This includes investing in specialist capabilities that enhance our underwriting relevance, deepen client relationships and position us to capture profitable growth as market conditions evolve.

“Establishing a presence in Bermuda reflects this philosophy. It is a measured, capital disciplined investment designed to strengthen our participation in specialist markets where we believe our technical underwriting knowledge and expertise can continue to generate attractive returns.

“Importantly, this investment is aligned with our commitment to growth and margin integrity and does not detract from our ability to balance these objectives with returning capital to shareholders.

“Our priorities remain unchanged: to deliver sustainable earnings, protect underwriting profitability and compound value over time as we have done throughout our history.

“We believe this approach positions the Group well to navigate the current environment and to continue delivering for stakeholders across the cycle.”

Adrian Cox, Chief Executive Officer of Beazley, said, “In 2025, Beazley delivered another strong profit, amidst a volatile global backdrop and in a softening insurance rating environment. In these conditions, our robust underwriting discipline and active cycle management continued to ensure our success.

“As we start 2026, we continue to see a similar pattern of competitive insurance pricing and global instability.

“In this environment, we remain resolutely focused on profitable underwriting and innovating into growth opportunities, particularly with our new Bermuda entity and insurance solutions for the energy transition.

“On 2 March 2026, Beazley’s Board announced it had agreed the terms of a recommended acquisition by Zurich Insurance Group Ltd of Beazley plc.

“As Beazley continues its exciting journey as a leading specialty insurer, our focus remains on business as usual, working in the interests of our clients, strengthening our relationships with brokers and continuing to attract and retain the best talent.”

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The Boards of both companies have agreed the terms of a recommended all-cash offer by Zurich to purchase the entire issued and to be issued share capital of Beazley.

It was revealed last month that the two carriers had reached an agreement in principle on the key financial terms, after Zurich returned with an improved proposal of up to 1,335 pence per Beazley share, following Beazley rejecting numerous previous proposals from Zurich in 2025 and early 2026.

Under the terms of the now agreed transaction, Beazley shareholders will be entitled to receive a total value of 1,335 pence per Beazley Share, comprising 1,310 pence in cash per Beazley Share (the Cash Consideration), and a dividend of 25 pence per Beazley Share.

The announcement confirms that Beazley shareholders will be entitled to receive Cash Consideration of, in aggregate, approximately £8.1 billion (USD 10.8bn), which rises to £8.2 billion (USD 11bn) once the permitted interim dividend payment of 25 pence per Beazley Share is included.

The Cash Consideration alone represents a premium of approximately 59.8% to Beazley’s closing price of 820 pence on January 16th, 2026, the latest business day before the offer period. It also represents a premium of roughly 59.4% to Beazley’s volume-weighted average share price of 822 pence for the 30-day period ended on January 16th, 2026, and 34.6% to Beazley’s all-time high share price, prior to the offer period, of 973 pence on June 6th, 2025.

Including the permitted interim dividend, the total consideration of £8.2 billion is 68.2% higher than Beazley’s fully-diluted market capitalisation implied by the insurer’s closing price of 820 pence on January 16th, 2026.

Mario Greco, Chief Executive Officer of Zurich, commented: “This Transaction is a strong step in accelerating Zurich’s Specialty strategy. Together with Beazley, we will create the world’s leading Specialty underwriter, with around US$15 billion of pro forma gross written premiums, exceptional underwriting expertise and data capabilities, and leading access to global distribution.

“Leveraging Beazley’s established Lloyd’s platform, the Combined Specialty Business will be headquartered in London and will be a powerful platform for long-term growth in Specialty lines.

“The combination is financially compelling, delivering attractive Core EPS accretion from the first full year after completion, double-digit returns on investment in the medium term, and a clear path to exceeding our financial targets for the 2025-2027 period.

“We are committed to championing underwriting excellence, retaining key talent and maintaining the Beazley brand within the broader Zurich Group.”

Clive Bannister, Chair of Beazley, said: “I am proud of everything Beazley has achieved in its first 40 years in business, growing from a Lloyd’s syndicate to a global specialty insurance leader and a member of the FTSE 100.

“Combining with Zurich, at a price which reflects an attractive value for shareholders, will create a US$15 billion global leader in specialty underwriting. The Beazley Board is pleased to recommend acceptance of Zurich’s offer.

“On behalf of the Beazley Board, I want to thank all those involved in making Beazley the leading specialty underwriting company it is today and I look forward with great anticipation to all we will achieve in the future.”

The pair reiterate that the combination establishes “the leading Specialty underwriter globally” with around USD 15 billion in combined Specialty gross written premiums on a pro forma basis as at December 31st, 2024.

For Zurich, the transaction expands its market reach and distribution with a broader Specialty product range, and importantly, access to Lloyd’s, enabling the firm to support clients in secular growth areas such as infrastructure and technology.

The announcement on the agreement also reveals that Beazley’s Directors are pleased with the fact Zurich plans for Beazley to be at the heart of the combined Specialty operation, and also that Zurich sees Beazley’s existing talent and leadership team as integral to both drive and build the success of the combined entity.

Adrian Cox, Chief Executive Officer of Beazley, added: “Beazley relentlessly prioritises underwriting discipline, combined with a culture of innovation, to achieve growth and deliver success. This has made us a leading global brand in specialty insurance.

“Today’s announcement signals our joint intent to build a US$15 billion, global specialty leader – with Beazley at its core. It will be a leading provider in cyber, a top-ten participant in the US Excess and Surplus Lines market and the leader at Lloyd’s.

“Our clients and brokers are navigating an era of accelerating risk, which also represents an outsized growth opportunity for specialty insurance. By combining our deep underwriting expertise and broad market reach, we will be able to support them to meet the challenges of an increasingly complex and volatile risk landscape.”

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The ‘Put up or Shut up’ (PUSU) deadline was initially set for Monday February 16th, 2026, meaning Zurich was required by no later than 5pm (London time) on that date to either announce a firm intention to make an offer for Beazley, or announce that it does not intend to make such an offer.

“As anticipated in the Joint Statement, Zurich has commenced a period of confirmatory due diligence and, with the support of the Board and management of Beazley, that process is progressing as planned. The parties are simultaneously discussing the detailed terms of the transaction and progressing definitive transaction documentation. Accordingly, the Board of Beazley has requested, and the Takeover Panel has consented to, an extension of the PUSU Deadline,” states Beazley in a recent statement.

As a result, the PUSU deadline has been extended to March 4th, 2026, so Zurich has until 5pm (London time) of that day to either confirm its intention to make an offer or announce that it will not be making such an offer to acquire the specialist insurer.

Back in January, it was reported that Beazley’s Board had rejected numerous proposals from Zurich across 2025 and 2026, explaining that they felt these proposals significantly undervalued the firm.

Zurich returned with an improved proposal of up to 1,335 pence per Beazley share on February 4th, 2026, which is the offer currently being discussed by the two firms.

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In its latest Risk & Resilience survey, Beazley reports that organisations are responding by embedding insurance and structured risk management more deeply into their long-term strategies.

The survey, conducted in January 2026, gathered responses from 3,500 business leaders across the UK, US, Canada, Singapore, Germany, France and Spain. Beazley highlights strong intent among respondents to reinforce resilience through insurance and risk management.

Specifically, 31% plan to invest in risk management and loss prevention initiatives, 29% intend to explore insurance that includes risk and crisis management, 24% are considering alternative risk transfer vehicles, and 23% are exploring parametric insurance for event-based triggers delivering fixed payouts. Overall, 94% of global businesses say they plan to strengthen resilience through insurance and risk management in 2026.

Beazley’s 2026 data also shows that technology risk and geopolitical and economic risk each account for 25% of overall concern among surveyed business leaders. Climate and environmental risks represent 20%, while boardroom-related exposures also stand at 20%, reflecting what Beazley describes as risk convergence.

Paul Bantick, Chief Underwriting Officer at Beazley, commented: “Our latest Risk & Resilience survey reveals that organisations are entering an era of converging risk, where digital, transitional, and geopolitical disruption are creating simultaneous pressures across every part of the business.

“Those best positioned to thrive will be the ones that grasp how interconnected risks amplify one another and turn resilience into a strategic advantage. As disruption becomes routine, companies are looking to specialty insurance not only for protection but as a core pillar of long term growth in an increasingly volatile world.”

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The outlook assigned to these ratings is stable. The ratings align with AM Best’s assignment of a Preliminary Credit Assessment (PCA) to BBIL in January 2026.

Following the recent reports that Zurich Insurance Group’s offer to acquire Beazley is progressing, AM Best is closely monitoring all Beazley companies’ ratings, which will be further reviewed if and when a binding offer is accepted.

According to AM Best, the ratings reflect BBIL’s “very strong” balance sheet strength, adequate operating performance, neutral business profile, and appropriate enterprise risk management.

The ratings also factor in lift from BBIL’s ultimate parent, Beazley plc (Beazley), reflecting the strategic importance of BBIL to the group.

The Best’s Capital Adequacy Ratio (BCAR) has measured BBIL’s balance sheet strength at the strongest level, underpinned by its risk-adjusted capitalisation, and the understanding that the insurer will follow Beazley plc’s prudent reserving and investment strategy.

BBIL’s risk-adjusted capitalisation will be supported by a large capital base of $531 million at the start of 2026.

BBIL is expected to achieve an adequate operating performance assessment over the medium term, supported by profitable, albeit potentially somewhat volatile, underwriting results despite the softening pricing environment.

Its investment income is expected to contribute meaningfully to the overall earnings, particularly in its initial years of business.

Lastly, BBIL will enable the group to widen its footprint and gain access to Bermuda’s reinsurance market. The company’s portfolio is expected to complement that of Beazley and provide additional diversification over the long term, explained AM Best.

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Readers may recall that on January 4, 2026, Zurich submitted a proposal of 1,230 pence in cash per Beazley share to acquire 100% of the London-headquartered insurer. That offer was rejected by Beazley’s board on January 16.

Zurich returned on January 19 with an improved proposal of 1,280 pence per share, which was again rejected, with the board saying the offer “materially undervalues Beazley and its longer-term prospects as an independent company.”

Now, however, under the terms of this new proposal, Beazley shareholders would be entitled to receive a total value of up to 1,335 pence per Beazley share.

This reportedly comprises an offer price of 1,310 pence in cash, and Beazley paying its shareholders permitted dividend(s) in respect of the year ended 31 December 2025 of up to 25 pence prior to completion.

Beazley explained that if the permitted dividend is declared and paid in full, its shareholders would receive, in aggregate, approximately £8 billion, which is 62.8% higher than Beazley’s market capitalisation as implied by its closing share price of 820 pence on 16 January 2026.

The Board of Beazley has reportedly “carefully considered” the new proposal, together with its advisers, and concluded that the financial terms are sufficient that it would be inclined to recommend them to shareholders, should a firm intention to make an offer pursuant to Rule 2.7 of the Code be announced, subject to the satisfactory resolution of the remaining terms of the offer and the definitive transaction documentation.

Zurich, meanwhile, stated that it looks forward to commencing its confirmatory due diligence on Beazley and working with the specialist insurer towards a binding offer announcement.

The implications of such a transaction would be the combination of two highly complementary businesses, creating a leading global specialty platform with approximately $15 billion in gross written premiums, headquartered in the UK and leveraging Beazley’s Lloyd’s of London presence.

Helena Kingsley-Tomkins, VP-Senior Credit Officer at Moody’s Ratings, commented on the news, “Zurich’s bid for Beazley would accelerate its specialty insurance ambitions, adding scale in fast‑growing areas like cyber. But the deal’s high price and integration hurdles mean Zurich would face elevated execution risk and a short-term weakening of surplus capital.”

Update: Peel Hunt analysts have also commented on the deal, noting strategic merit from the merger for both companies, estimating that for Zurich the deal delivers 8% ROI including synergies.

“We believe this is a fair offer and discounts Beazley’s future prospects, as the rate cycle softens, including the excess capital we estimate Beazley will generate in the next three years,” said Peel Hunt analysts.

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The decision from Beazley comes after a detailed evaluation of the January 19th proposal by the Board together with its advisers.

Beazley states that the Board is fully focused on maximising shareholder value, and that it has listened to feedback from its shareholders and is “open-minded” about all options to deliver value.

Interestingly, Beazley reveals that its Board received three proposals from Zurich in June 2025, with the terms of the latest proposal actually below the last proposal put forward by Zurich in late June last year, which was rejected by Beazley. This proposal valued the insurer at 1,315 pence per share at an implied equity value of £8.4 billion, equivalent to approximately 2.4x tangible book value as at December 31st, 2024.

“The Board is very confident in Beazley’s standalone prospects as a publicly listed company and in the attractiveness of Beazley’s business model fundamentals and believes that Beazley is uniquely positioned within the global insurance market to maximise long-term shareholder value and realise the full potential of its specialty platform,” says the statement from Beazley.

Beazley’s Board highlights five core attributes which help the carrier deliver strategic differentiation and value: Track record of delivering shareholder value; Underwriting excellence; Leader in Cyber; Superior return generation; and, Strong capital and reserves.

“In addition, the Board is delivering on the strategic priorities outlined at the Company’s Capital Markets Day in November 2025, with notable milestones achieved over the second half of 2025, including: i) the establishment of a Bermuda insurer, completing the globalisation of the Company, with access to all major markets including a significant presence in the US; ii) investments in expertise in the fast growing and exciting domain of transition underwriting; and iii) focusing on innovation-led growth, including in Alternative Risk Transfer (ILS and Captives),” continues the statement.

It will be interesting to see if Zurich returns with an improved offer, or if the global insurer instead settles for a new syndicate at Lloyd’s, as reported recently.

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On Monday, Zurich announced it had submitted an enhanced £7.7 billion ($10.3 billion) cash offer to acquire 100% of the specialist insurer, following the rejection of earlier bids that the Beazley Board deemed to significantly undervalue the company.

Under the new proposal, Zurich would pay Beazley shareholders £12.80 in cash per share, a 56% premium to the previous day’s closing price and up from an earlier rejected offer of £12.30. This is equivalent to 2.2x Beazley’s book value.

According to Moody’s, acquiring Beazley would accelerate Zurich’s strategy of building leadership in specialty insurance, a business reportedly with strong demand-led growth and resilient underwriting earnings.

As mentioned, the rating agency also observed that the combination would drive a degree of consolidation in the cyber insurance market, where both Zurich and Beazley are significant.

“We would expect Zurich to also be able to unlock some cost and capital synergies from the transaction, while gaining access to third-party capital via Beazley’s presence in the Lloyd’s of London insurance market,” Moody’s explained.

It continued, “However, large acquisitions of this kind are inherently risky because of difficulties integrating distinct underwriting cultures, legacy systems and governance structures.

“As it would be part-funded by cash and debt, the takeover would also likely reduce Zurich’s excess capital and regulatory solvency and at least temporarily increase its financial leverage. While both Zurich and Beazley have solid track records as specialty insurers, the specialty subsector is particularly exposed to large loss claims.”

In related news, earlier today, Mario Greco, CEO of Zurich, told the Financial Times that the company is preparing to launch a syndicate at the specialist Lloyd’s insurance and reinsurance marketplace, as the carrier awaits a response from its latest proposal to acquire London-headquartered Beazley.

As Reinsurance News understands, the Lloyd’s syndicate would give Zurich another route into the Lloyd’s market if its latest bid for Beazley is rejected.

However, the insurer did not confirm whether it would go ahead with the syndicate launch if the bid is successful.

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On Monday, Zurich revealed that it had submitted an improved proposal of 1,280 pence in cash per Beazley share to acquire 100% of the specialist insurer, after previous proposals were rejected as the Board felt that those offers significantly undervalued the firm.

Zurich believes that the combination of the two businesses would deliver attractive returns for both of the company’s shareholders, and create a global leader in specialty insurance with around $15 billion of gross written premiums.

Today, the FT has reported that as Zurich continues to pursue Beazley, it is finalising plans for the establishment of its first Lloyd’s syndicate, which CEO Greco told the publication could be live as soon as April 2nd, 2026.

A Lloyd’s syndicate would give Zurich another route into the Lloyd’s market if its latest bid for Beazley is rejected, although the insurer did not confirm to the FT whether it would go ahead with the syndicate launch if the bid is successful.

Specialist insurer Beazley has a strong and established presence at Lloyd’s with numerous syndicates under its managing agency.

According to the FT, citing a person familiar with the matter, Zurich’s syndicate would look to write annual premiums in the hundreds of millions of pounds, while Greco said that it would give the carrier another route to expand its global specialty business.

“You can do deals on the Lloyd’s platform where you access private capital, which is different from capital offered by the reinsurance companies,” Greco told the FT.

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