Insurer Zurich gets nod for £8.1 billion Beazley move

Zurich’s £8.1 billion takeover of insurance firm Beazley has been approved by a High Court judge.

The Swiss insurance giant says Beazley will be taken over by Zurich Insurance Company, a wholly-owned subsidiary of Zurich Insurance Group.

Beazley shareholders will receive £13.35 per share, with the FTSE 100 company taken off the London Stock Exchange.

Andrew Thornton KC, for Beazley, said the company’s directors unanimously backed the takeover, which would “not have any adverse impact on the interests of the company’s creditors”.

The firm’s shareholders also approved the scheme earlier this year, with nobody appearing in court to oppose the plan being sanctioned.

Mrs Justice Joanna Smith said she was “prepared to sanction the scheme”, adding: “I am satisfied the relevant requirements for the exercise of my discretion are met in this case.”

Beazley operates across four continents, while Zurich has in excess of 82 million customers in more than 200 countries.

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