Cyber-attack and yacht insurer agrees £8bn deal in latest UK stock market exit
A British company specialising in insuring against cyber-attacks that also covers fine art and luxury yachts has agreed to be taken over in an £8bn deal, in the latest loss to the London stock market.Beazley said on Wednesday it had agreed the deal with its larger rival Zurich, after the Switzerland-listed company raised its bid for the Lloyd’s of London insurer.The two companies said in a joint statement that they had reached an “agreement in principle” on the main financial terms, under which Beazley shareholders will get up to £13.35 for every share they hold.This includes an offer price of £13.
10 in cash and a dividend from the FTSE 100 company of up to 25p for 2025.The offer price is almost 60% higher than Beazley’s closing share price on 16 January, the last business day before Zurich’s interest was made public.Zurich had initially offered £12.80 a share, which was rejected by Beazley’s board last month.Beazley shares led the FTSE 100 risers in London, jumping by 8.
6% to £12.60 and pushing the blue-chip index to a record high, while Zurich’s stock gained 2.8% on the Swiss stock exchange.Beazley’s board said it would be minded to recommend the new offer to shareholders, should a firm bid be made – once Zurich has scrutinised its books.Beazley offers specialist insurance products, with a particular focus on cyber cover, as well as insuring expensive yachts, fine art, aircraft and property, and offering reinsurance.
It had batted away several previous undisclosed advances from Zurich.The two companies said the deal would combine “two highly complementary businesses” and would establish a global speciality insurer with $15bn of gross written premiums, based in the UK.The takeover would leverage Beazley’s presence at Lloyd’s of London, the world’s oldest and biggest insurance market, which traces its history to a coffee shop in 1688.Beazley is an important player in the market.Zurich would wrap its smaller speciality insurance business into Beazley.
However, it would mean the loss of yet another big company from the London market, at a time when the stock exchange and the City of London are trying to beat the drum for the UK.Dan Coatsworth, head of markets at the stockbroker AJ Bell, said: “Zurich now needs to make a formal offer, and it looks like the deal could be sewn up in a jiffy.An approximate 60% bid premium is higher than the average bump on UK takeovers in any of the past five years and could be sweet enough to win over shareholders.“The downside for the UK stock market is the potential loss of another major financials business, and one that has generated significant returns for investors over the years.”
From Dorset to the world: wave of donations helps to secure Cerne giant’s home
It feels like a very British monument: a huge chalk figure carved into a steep Dorset hillside that for centuries has intrigued lovers of English folklore and legend. But an appeal to raise money to help protect the Cerne giant – and the wildlife that shares the landscape it towers over – has shown that its allure stretches far beyond the UK.The Guardian’s journalism is independent. We will earn a commission if you buy something through an affiliate link. Learn more
‘We put a stink bomb in Stephen Fry’s shoe’: Vic and Bob on the inspired idiocy of Shooting Stars
‘Christians complained about the stuffed buzzard wearing a crucifix round its neck. Birds can’t be Christians, they said. It’s the most complaints we ever got’The first time I saw what was to become Shooting Stars was Vic Reeves – AKA Jim Moir – doing The Big Quiz during Vic Reeves Big Night Out live. I’d never seen anything like it. It was full of meaningless questions and had an attitude
Sydney Biennale 2026: Hoor Al Qasimi unveils expansive program for 25th edition
The Biennale of Sydney has revealed the final lineup details for its 25th edition, scheduled to open mid-March across five key venues, including White Bay Power Station, the Art Gallery of New South Wales and Penrith Regional Gallery.Featuring 83 artists, collaborations and collectives from 37 countries including Australia, the 25th Biennale of Sydney is titled “Rememory” – after the term coined by author Toni Morrison – and will “[explore] the intersection of memory and history as a means of revisiting, reconstructing, and reclaiming histories”.It represents the vision of artistic director Hoor Al Qasimi, the first Arab appointed to the role and the eighth woman in the festival’s 53-year history.Highlights announced on Tuesday include a giant functioning clay oven at White Bay Power Station in Rozelle, created by Argentinian sculptor Gabriel Chaile, which will be activated for the Biennale’s opening weekend and at key moments through the festival to serve visitors Peruvian cuisine. Also for food lovers is a large vat of tabbouleh, created by Lebanese artist Mounira Al Solh as part of a community-based performance in Granville
Meryl Streep is as withering as ever in first full-length trailer for Devil Wears Prada 2
The first full-length trailer for The Devil Wears Prada 2 has been released, and given more details on David Frankel’s hotly anticipated follow-up. In the promo, Meryl Streep’s Miranda Priestly and her right-hand man Nigel, played by Stanley Tucci, are seen reuniting with Anne Hathaway’s Andy and, later, Emily Blunt’s Emily.Priestly remembers neither, nor even her habit of referring to all her fashion magazine assistants as Emily – presumably on account of her withering alpha-editor status rather than, say, dementia.The film’s teaser trailer, which was released in November, was reportedly the most-viewed comedy trailer in 15 years, with 181.5m views on YouTube in its first 24 hours
Letter: Mark Fisher obituary
In his fat 2004 volume Britain’s Best Museums and Galleries, the former arts minister Mark Fisher displayed great enthusiasm and knowledge, dating from museum visits with his father when he was very young. I greatly enjoyed working with him when he was a well-informed commissioner and I was deputy director of the Museums & Galleries Commission.We shared common ground in that I grew up in Stoke-on-Trent, Staffordshire, where he was an MP for from 1983 to 2010. Members of my family have been involved in heritage projects for many years, from museums and historic houses to oatcakes and bottle ovens, and with their advice he was able to intervene quietly and helpfully from time to time in such matters in the city.
Wil Anderson: ‘I honestly believe being mistaken for Adam Hills is one of the great gifts of my life’
Do you have a nemesis?I know Adam Hills did one of these and he chose me as his nemesis because we often get confused. He said it in a nice way – but I wouldn’t say Adam, because I honestly believe being mistaken for Adam Hills is one of the great gifts of my life. Even at the peaks of my career going well, it was always quite a good reminder that people never care as much about anything that you care about. Sometimes you’d have moments where you think: “Everyone thinks this or that about me” – and then someone would say, “Hey, I love you Adam!” Adam’s a very well-known comedian, I’m a very well-known comedian and yet, half the time when somebody comes up to say g’day to us, they don’t even know who it is. There’s something really nice and humbling in that
PM says he knew when giving Mandelson US job he had kept ties with Epstein after conviction
Starmer orders release of files relating to Mandelson US ambassador decision
A whiff of familiarity in Mandelson’s 2009 collusion with the banks
Tories seek disclosure of vetting process for Mandelson’s ambassador role
Met police launch investigation into alleged Mandelson-Epstein email leaks – as it happened
What does the criminal investigation mean for Peter Mandelson?