Insurance group Zurich has completed the acquisition of Beazley and combined the company with its Global Specialty business. According to Zurich, this creates the world’s largest specialty insurance business, headquartered in London.
Zurich expects the integration to contribute more than 1 billion dollars in additional annual revenue and at least 150 million dollars in annual cost savings by 2029. In addition, at least 1 billion dollars in one-off capital release is expected during the first two years.
Kristof Terryn is appointed CEO of Beazley and Zurich Global Specialty, subject to regulatory approval.
