Zurich
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Zurich’s interest in a specialty carrier that moves the dial on cyber is no surprise. -
The CEO said Beazley would retain its brand and management and gain $9bn of premium.
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The bank observed that multiples in the last M&A cycle ranged from 1.6x to 2.5x.
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The company said prior bids from Zurich “significantly undervalued” the business.
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The deal would create a $15bn specialty insurer and mark Zurich's entry into Lloyd’s
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Fears relating to an economic downturn continue to dominate concerns.
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The carrier said nat-cat losses remained “well below” those of prior years.
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The reshuffle is likely laying the foundations for the eventual succession to CEO Mario Greco.
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The MGA secured a “significant strategic investment” from Zurich earlier this year.
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The Swiss carrier appointed a new global energy head earlier this week.
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The carrier is looking to take a lead position in energy-transition risks.
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The Swiss carrier improved its P&C combined ratio by 1.2 points to 92.4%.
