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.
The deal will combine the groups’ international platforms into an enlarged network spanning more than 130 countries and managing over US$3.5bn in premiums.
Three South Korean insurers have held early stage discussions with Indian players, advisers, and the regulator, as they look to enter the US$130bn market.
The transaction, first announced in February 2025, covers both US protection and pension risk transfer units, and will see the Japanese insurer also take a 5% economic stake in L&G itself.
