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.
The insurer posted JPY1 trillion (US$6.5bn) in core operating profit for FY ended 31 March 2025, but weaker unrealised gains on securities pulled its capital base down from last year's peak.
The latest multi-billion offer from Zurich Insurance is seen as a tactical attempt to capture Beazley's dominant cyber franchise while testing the board’s resolve with a valuation lower than previous private...
