The insurer is pursuing acquisitions through Singlife as it seeks to build scale across Southeast Asia, with Thailand, Malaysia and the Philippines also identified as potential growth markets.
Fairfax said Digit and IIFL Capital would retain their existing management teams while gaining access to IDBI Bank's customer base and distribution network.
The insurer has also offered wider home cover in northern Western Australia and pledged A$20m (US$14m) for community resilience as it seeks ACCC approval.
The proposed transaction is expected to deepen cooperation between the companies across group medical and general insurance, subject to the satisfaction of multiple closing conditions.
The upgrade reflects Beazley’s strategic importance to Zurich, with the combined specialty platform expected to generate around US$15bn in business volumes.
The companies argue the regulator failed to assess the acquisition as part of their broader strategic alliance, including distribution and brand licensing arrangements.
