Kathmandu. Zurich Insurance Group has acquired Bizzly to create the world’s largest specialty insurance business.
In a media statement, the board of directors of both companies in Zurich has announced an ‘recommended all-cash offer’ by Zurich for the entire issued and future issued share capital of Lightly. The merger will create a UK-based global specialty insurance company with a total written premium of more than $15 billion by combining complementary assets and leveraging Lightly’s presence within Lloyd’s.
Zurich expects Beazley’s addition to its global specialty division to generate more than $1 billion in additional annual revenue by 2029. Zurich expects the move to generate annual cost savings of at least $150 million.
The agreement is expected to generate a one-time capital infusion of at least $1 billion over the first two years as well as capital synergies with improved capital efficiency across the expanded specialty business.
According to Zurich, Beasley’s underwriting teams will gain access to its distribution network and customer service operations. The combined business will also join Lloyd’s in London. This will give Zurich more access to the market’s specialist underwriting and global distribution platforms. -Agency
