Following a series of failed bids, Zurich has now agreed terms to create a specialty insurance business with about US$15bn in annual gross written premiums.
The deal, expected to close in the coming days, will see Japanese insurer leverage Aspen’s Lloyd’s syndicate and capital markets platform to boost its international growth strategy.
Zurich has secured an extension to make a formal takeover offer for the British speciality insurer after the parties confirmed an agreement in principle earlier in the month.
