Beazley Plc · LSE:BEZ
Beazley — Merger or Acquisition (March 2026)
24 slides from Beazley's merger presentation, Mar 2, 2026
Slide 1: Recommended offer for Beazley Plc.
Recommended offer for Beazley Plc. Accelerating our strategy and creating the global leader in Specialty insurance March 2, 2026 ©©Zurich Zurich
Slide 2: Key messages
Key messages Scale and leadership Creates the global leader with combined ~USD 15bn of Specialty GWP, full range of highly attractive products, top-tier in Specialty talent, best-in-class financial strength, and enhanced distribution capabilities Complementary capabilities Highly attractive portfoli
Slide 3: Transaction overview
Summary Transaction overview Offer Terms Transaction Structure Acquisition of 100% of the outstanding shares of Beazley by Zurich2 in cash ✓ Total value of 1,335 pence per Beazley share: - A cash consideration of 1,310 pence, and Funding Growth and synergies - Beazley paying its shareholders a FY-25
Slide 4: Creating the global leader in Specialty insurance
Strategic rationale Creating the global leader in Specialty insurance Establishing the leader in global …with strong positions in key Specialty requires global approach Specialty… market segments and underwriting sophistication Commercial Specialty FY-24 GWP (USDbn)1 Zurich Pro-forma Cross-border na
Slide 5: Specialty is a growing and attractive business
Strategic rationale Specialty is a growing and attractive business Structural growth drivers Large and growing market Diversified pricing trends Specialty market GWP (USDbn)4 Zurich – FY-25 rate change by line of business (%) Infrastructure investments USD Projected cumulative 106tn investments thro
Slide 6: Beazley is a highly successful player in Specialty insurance
Strategic rationale Beazley is a highly successful player in Specialty insurance Excellent through-the-cycle Industry-leading capabilities and Distinctive positions of scale and financial performance expertise in attractive segments innovative capabilities Beazley – FY-24 IWP split by division (%) •
Slide 7: Outstanding underwriting franchise with a strong cultural fit
Strategic rationale Outstanding underwriting franchise with a strong cultural fit Consistent CoR outperformance1 Aligned underwriting cultures 140% Underwriting quality and dynamic cycle management 120% Deep technical line-by-line underwriting expertise 100% 80% Focus on portfolio quality and volati
Slide 8: Beazley is a global leader in cyber, capitalizing on structural demand growth
Strategic rationale Beazley is a global leader in cyber, capitalizing on structural demand growth and differentiated service offering A rapidly growing market Excellent track record Critical success drivers Cyber insurance GWP (USDbn)1 Cyber insurance combined ratio (%)3 • >120 specialized underwrit
Slide 9: Transaction accelerates Zurich's strategic mix shift to higher margin Specialty lines
Strategic rationale Transaction accelerates Zurich’s strategic mix shift to higher margin Specialty lines Accelerates growth ambition in Specialty insurance Attractive underwriting margins P&C GWP (%) Combined ratio: Average FY-22 to FY-24 (%) 92% 36% 32% 85% 75% 39% 44% 29% 20% Zurich (FY-24) Pro-f
Slide 10: Highly diversified and complementary portfolios
Strategic rationale Highly diversified and complementary portfolios Zurich Specialty Stronger together Beazley FY-24 GWP (%) FY-24 pro-forma Specialty GWP (%) FY-24 IWP (%) Portfolio Digital Accident & Health underwriting Accident & Health Other Contingency Executive risks Credit & Surety Accident 6
Slide 11: Elevating Zurich's Specialty proposition and driving wallet share with brokers
Strategic rationale Elevating Zurich’s Specialty proposition and driving wallet share with brokers through complementary capabilities Complementary strengths expand Specialty offering Beazley’s product offer will help combined business drive increased wallet share with leading brokers Number of unde
Slide 12: Lloyd's of London platform expands Zurich's Specialty market access and expertise
Strategic rationale Lloyd’s of London platform expands Zurich’s Specialty market access and expertise Lloyd’s is a dynamic marketplace Beazley best-in-class at Lloyd’s Lloyd’s market key attractions Lloyd’s GWP (USDbn)1 Syndicates long-term financial performance2 90 Less Volatile Volatility (10 Year
Slide 13: Combination creates a stronger, scaled platform for technical excellence
Strategic rationale Combination creates a stronger, scaled platform for technical excellence Scaled global data analytics ecosystem World-class risk-engineering platform Zurich Commercial Insurance Data Ecosystem Integrating policy, claims, distribution, risk engineering and external data >200 count
Slide 14: Leveraging Zurich's M&A expertise for seamless integration
Execution Leveraging Zurich’s M&A expertise for seamless integration Indicative timeline to completion Key integration pillars Proven M&A track record Beazley forming the core of the ANZ’s Life insurance March 2, 2026 2017 business OnePath Life combined Specialty business Announcement as per Rule 2.
Slide 15: Combination to deliver meaningful synergies
Value creation Combination to deliver meaningful synergies Cost synergies Capital synergies One-off capital Run-rate extraction of ~USD 150m ~USD 1.0bn before tax by 2029 in the first 2 years • Reduced spend on Zurich’s planned organic Specialty build-out • Implementation of Zurich’s capital managem
Slide 16: Complementary strengths driving long-term growth
Value creation Complementary strengths driving long-term growth Combined growth drivers Joint growth opportunities Additional revenue growth opportunities Structural growth of Strategic combination unlocking Market Specialty business significant cross-selling synergies: + - Specialty products to Mid
Slide 17: Financing structure preserves financial flexibility and capital strength
Value creation Financing structure preserves financial flexibility and capital strength Funding structure (USDbn) Strong capital position 10.9 ~-30ppts 259% ~3.0 160% floor SST ratio (%) ~2.9 27% ~+3ppts Aa range2 20.7% ~5.0 20% Moody’s leverage ratio (%) Total consideration1 Existing cash New debt
Slide 18: Financially compelling transaction accelerating Zurich's journey to exceed its financial targets
Value creation Financially compelling transaction accelerating Zurich’s journey to exceed its financial targets for 2025-2027 EPS accretive transaction, double digit % ROI Accelerate journey to exceed its 2025-2027 financial targets • Mid single-digit % Core EPS accretion Core from the first full ye
Slide 19: Unchanged dividend policy
Value creation Unchanged dividend policy Dividend Policy1 Dividend per share (CHF) 30 28 NIAS2 payout ratio of ~75% +7% CAGR 26 24 22 Dividend increases based on sustainable 20 20 19 earnings growth 18 Minimum target of prior year level FY-17 FY-18 FY-19 FY-20 FY-21 FY-22 FY-23 FY-24 FY-251 1 The di
Slide 20: Key messages
Key messages Scale and leadership Creates the global leader with combined ~USD 15bn of Specialty GWP, full range of highly attractive products, top-tier in Specialty talent, best-in-class financial strength, and enhanced distribution capabilities Complementary capabilities Highly attractive portfoli
Slide 21: Disclaimer and cautionary statement
Disclaimer and cautionary statement Certain statements in this document are forward-looking statements, including, but not limited to, statements that are predictions of or indicate future events, trends, plans or objectives of Zurich Insurance Group Ltd or the Zurich Insurance Group (the Group). Fo
Slide 22: Other information
Other information 22 © Zurich
Slide 23: For further information
For further information Call us Visit or follow us Investor Relations and Rating Agency Management • Jon Hocking +41 44 628 18 34 • Francesco Bonsante +41 44 628 00 68 • Samuel Han +41 44 625 32 57 • Johannes Herholdt +41 44 625 25 53 Investor Relations website Financial results and reports Events •
Slide 24: Thank you
Thank you Upcoming events • May 13, 2026 –Update for the three months ended March 31, 2026 • August 6, 2026 –Half year results 2026 • November 12, 2026 -Update for the nine months ended September 30, 2026 ©©Zurich Zurich