The global legacy firm has acquired RiverStone International Australia PTY LTD to support the Group’s offerings in the Australian marketplace.

Mark Fleiser, who has more than two decades of senior experience in the Australian general insurance market, will lead RiverStone International’s Australian operations as Managing Director. He brings additional experience in the New Zealand market to the role, and during his career has held leadership roles across underwriting, portfolio management, governance, reinsurance, and claims.

At the same time, RiverStone International has entered into a legacy portfolio transaction with Zurich Australian Insurance and Zurich Insurance Company, which primarily covers Zurich’s Australian legacy professional indemnity, general liability, and workers’ compensation portfolios.

The legacy deal covers policies in run-off for underwriting years 2023 and prior, with total net nominal reserves exceeding AUD 400 million. RiverStone explains that liabilities will initially be transferred via a loss portfolio transfer reinsurance to RiverStone International Bermuda.

You can read about this legacy deal and many others on our list of legacy and run-off reinsurance transactions.

Paul Brockman, Group Chief Executive Officer of RiverStone International, said: “This is a major milestone for RiverStone International. Establishing a presence in Australia is a terrific step forward for the business, materially expanding our global footprint and reflecting the momentum we are building. It marks an important stage in our evolution as a truly global legacy and specialty insurer.”

Andy Creed, Group President, RiverStone International, commented: “It is a pleasure to once again work with Zurich in supporting their strategic initiatives. The ongoing relationship we have built with Zurich is testament to the strength of RiverStone International’s operations and our commitment to building long-term partnerships with key clients. This transaction demonstrates RiverStone International’s ability to execute complex legacy solutions within a robust regulatory framework.”

Alex Morgan, Head of General Insurance, Zurich Australia & New Zealand, added: “Zurich is pleased to have worked with RiverStone on this transaction, which builds upon an existing relationship between the two organisations.

“Zurich’s Australian ongoing general insurance business holds a strong position in the market, with significant growth ambitions. This transaction represents a key moment as we seek to invest further in scaling and innovating our ongoing local business, whilst continuing to deliver the quality outcomes we are known for.”

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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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Zurich Australia confirmed that the proposed acquisition has received the unanimous recommendation of ClearView Directors.

The implementation of the proposed acquisition is subject to regulatory approvals and other customary conditions, including ClearView shareholder and court approvals

If the transaction goes through, ClearView shareholders will receive cash consideration of AUD 0.65 per share. The acquisition is currently expected to close around the third quarter of 2026.

ClearView is an ASX-listed entity and the parent company of Clearview Life Assurance Limited, an Australian life insurer. As of June 30th, 2025, the group has reported AUD 413 million of in-force premiums.

Justin Delaney, Chief Executive Officer, Zurich Australia & New Zealand, commented, “The proposed transaction brings together Zurich’s strong capital foundation with ClearView’s established in-market product and advice relationships and represents a clear opportunity to develop the customer experience and competitive offering in the Australian life insurance market.”

Geoff Black, Chair, ClearView, added, “We believe Zurich and ClearView are highly complementary brands in life insurance and that, if the scheme is implemented, Zurich will be a great custodian to continue delivering ClearView’s ClearChoice product that protects what is most important to Australians.”

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The global multi-line insurer said the results reflect strong performance in its Life business alongside continued momentum in Property & Casualty (P&C) across both Commercial and Retail insurance.

Life gross premiums rose 16% to $3.2 billion, with new business contractual service margin (CSM) of $362 million and Life BOP of $286 million.

Within P&C, gross written premiums totalled $4.3 billion, up 8% compared to 2024, reflecting strong top-line momentum across the portfolio. BOP was $346 million, with a combined ratio of 94.3%.

During FY25, Zurich paid $3.1 billion in claims and continued to strengthen its customer experience and brand presence across the region.

Tulsi Naidu, CEO, Asia Pacific, Zurich Insurance Group said, “I am delighted to report another year of strong progress across our Asia Pacific business. These full-year results reflect the continued robust development of our franchise in the region supported by the investments we have made in recent years in each of our three segments – Life, Commercial Insurance and Retail P&C – resulting in revenue growth, alongside increased scale and profitability.

“The Life performance is a particular highlight, underpinned by strong trading performance across our markets, disciplined in-force porƞolio management, and continued delivery of new customer initiatives. We are seeing strong results in the independent distribution channel in Australia, Japan and Hong Kong, coupled with positive agency and partnership momentum in Indonesia and Malaysia.

“In Property and Casualty, the combination of our expanded footprint and deep capabilities across retail and commercial insurance have resulted in a scaled business with more than $4 billion GWP, which is well positioned for continued growth”.

Naidu added, “We remain focused on the growth of Zurich’s franchise across Asia Pacific and have a long-term positive outlook for the region. These results, coupled with the continued improvement in our brand and customer advocacy, position us well to meet the future opportunities across our markets.”

Yesterday, we covered the insurer’s group results for 2025, as well its January 1st reinsurance renewal.

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Alongside its results for 2025, global insurer Zurich has revealed its catastrophe reinsurance protections for 2026, highlighting overall stable renewal conditions and favourable pricing.

Notably, the insurer has renewed its global aggregate cat treaty, which returned last April after Zurich stopped renewing its aggregate coverage in 2023.

In line with the April 2025 renewal, the aggregate cover renewed at 1.1 2026 still has an occurrence deductible of $50 million, but Zurich has placed $380 million of a $400 million limit, with 5% co-participation, above an $850 million retention. Back in April, the retention was the same, but Zurich placed just $350 million of a $400 million limit, so has increased the capacity of its aggregate cover with “risk adjusted stable prices.”

It’s another sign that reinsurers are more willing to provide frequency protection to meet demand in what’s been described as a very competitive reinsurance market at 1.1 2026.

Zurich also renewed its Europe all perils, US all perils, and rest of world all perils reinsurance towers at January 1st, which for the most part are unchanged, with some minor adjustments to the European coverage.

For 2026, Zurich’s Europe all perils retention has increased to $505 million from $486 million last year, and the European regional cat treaty, which sits directly above the retention, has increased to $463 million from $446 million. Above this layer sits the global cat treaty which is unchanged at $1.2 billion for 2026, while the global top cat layer at the top of the tower is also unchanged at $400 million.

“We renewed our Global Top Cat XL including an added cyber coverage with a risk adjusted reduction in renewal pricing, reflecting reinsurers strong confidence in our portfolio,” said Zurich.

The US all perils retention of $650 million is the same as last year, as is the $550 million US regional cat treaty, which sits above the retention, the $1.2 billion global cat treaty, the $400 million global top cat layer, and also the $215 million North American earthquake swap, which sits at the top of the tower.

However, when compared to the January 1st, 2025, renewal, there are some other differences with the US all perils tower for 2026, including a $50 million increase in the retention, a $50 million reduction in the US regional cat treaty, and a $100 million increase to the North American earthquake swap.

The rest of world all perils tower is unchanged from last year, with a retention of $200 million, regional cat treaty of $300 million, global cat treaty of $1.2 billion, and then the $400 million global top cat layer.

“Other treaties such as the Global Surety XOL or U.S. Liability Quota Share have been renewed without major changes at fairly stable conditions and favorable pricing,” explained Zurich.

You can see Zurich’s Group catastrophe reinsurance protection for 2026 below.

This morning, Zurich’s Group CFO, Claudia Cordioli, commented on reinsurance market conditions during a media call: “Overall, it is a constructive reinsurance market that we are seeing. We are happy as well to see that reinsurers are disciplined on terms and conditions, because this needs to remain a healthy market for everyone involved.”

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The P&C combined ratio improved to 92.6%, benefiting from higher insurance revenue of $48.2 billion, an 8% rise in US dollars and 4% on a like-for-like basis, compared to $44.8 billion a year earlier, attributed to the ongoing expansion of the underlying portfolio. The segment reported that rates increased 2% overall, supported by higher retail rates and continued strong momentum in selected commercial lines.

Commercial insurance business profit rose 12% to $3.8 billion, driven by “continuous disciplined” portfolio management and good underlying GWP growth in the middle market and specialty lines, and a benign natural catastrophe season.

Meanwhile, retail’s BOP surged 50%, or $491 million to $1.5 billion, reflecting 16% premium growth, improved pricing sophistication, enhanced risk selection, and higher earned premium rates, with a particularly strong contribution from the Europe, the Middle East, and Asia (EMEA) segment.

The insurer’s Life segment reported continued profitable growth, as GWP rose 7% and fee revenues up 13%, driven by capital-efficient savings and protection products. For 2025, the reported GWP were $36.2 billion, compared to $33 billion in 2024.

The protection business, which drives almost 60% of Zurich’s Life BOP, reported 5% increase in GWP on a like-for-like basis, with growth accelerating to 7% in the second half of 2025, following the normalisation of sales in Zurich’s Brazil bancassurance joint venture.

Additionally, the insurer’s Farmers Exchanges, which their policyholders own, grew GWP by 4% to $28.9 billion in 2025, supported by higher new business volumes and improved retention. Farmers reported its strongest BOP ever of $2.4 billion, with Farmers Management Services (FMS) delivering a record $2.2 billion.

Zurich explained that an outstanding underlying underwriting performance allowed the Farmers Exchanges to achieve a surplus ratio of 52.9% at year end 2025 and a combined ratio of 84.6%, driven by continued strengthening in underlying performance and was supported by lower year-on-year catastrophe losses, despite the impact of the California wildfires.

All in all, Zurich has reported the highest-ever operating profit group-wide of $8.9 billion and raised its dividend to CHF 30, making strong progress toward its 2027 targets. It has also reported a return on equity at 26.9%, with a record net income attributable to shareholders of $6.8 billion for 2025.

Mario Greco, Group Chief Executive Officer, Zurich, commented, “I am extremely proud to see all our businesses contributing to these record results, which indicate that we are well on track to achieve or even exceed our 2027 targets, and position us well to capture future growth opportunities. I would like to thank all our customers who have continued to reward us with their strengthened loyalty and my colleagues who contributed to achieving this outstanding performance.”

Zurich has also nominated Mary Forrest for election to the Board of Directors, and Jasmin Staiblin intends to be appointed as Vice-Chair, succeeding Christoph Franz.

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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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The insurer has appointed industry veterans Anthony Wall and Alric Lal to lead the expansion. The programme is a standalone cyber insurance policy for small and medium-sized enterprises (SMEs) with an annual turnover of up to AUD 100 million.

The coverage is backed by Zurich’s financial strength and local presence, coupled with Cowbell’s AI-powered underwriting platform, in-house claims capabilities, and comprehensive resiliency services.

The policy aims to be quoted, bound, and issued in less than 5 minutes, and is available through licensed insurance brokers.

The insurer explained that in a multi-year, fully delegated, exclusive collaboration with Zurich, it offers Prime One, straightforward, modern cyber cover with limits up to AUD 5 million, including any one claim (AOC), aligned with how Australian businesses operate.

Every policy includes access to Cowbell’s full ecosystem of resilience tools and insights, designed to help businesses strengthen defences in case an incident occurs.

Wall was appointed Head of Underwriting and has deep cyber expertise. Most recently, he served at AIG as Cyber Practice Lead, and has held senior cyber underwriting roles at Munich Re and Chubb in the past. Earlier in his career, Wall spent nearly a decade at Liberty International Underwriters in Australia and the United States, and more than six years at Aon.

Meanwhile, Lal has been appointed as Head of Business Development for Australia. He has two decades of corporate broking & financial lines expertise, and has previously served as Head of Broking for UBT in Sydney. Lal held senior broking roles at Marsh in Auckland and Aon London earlier in his career.

Jack Kudale, Founder & Chief Executive Officer, Cowbell, commented, “Cyber protection shouldn’t be complicated; it should give businesses confidence to keep moving. By partnering with Zurich, we’re offering Australian organisations a dependable foundation for cyber resilience, supported by Cowbell’s continuous underwriting, risk intelligence, and proven track record in managing cyber risk.”

Simon Hughes, Chief Commercial Officer, Cowbell, added, “With standalone cyber cover reaching only 20% of Australian SMEs, brokers are looking for clarity they can trust and support that helps them reach the other 80%. Prime One delivers that clarity and coverage that’s easy to explain, backed by the quiet, steady confidence Cowbell brings to every global market we serve.”

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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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