Zurich-Beazley deal moves forward as terms agreed - Insurance Business

The scheme of arrangement became effective today, removing one of Lloyd's largest specialty managing agents from independent operation Zurich Insurance Group has completed its £8.1 billion acquisition of Beazley. The scheme became effective today after the Court Order was delivered to the Registrar of Companies. Nine months after Zurich's first approach was rejected, one of Lloyd's largest specialty managing agents is no longer an independent company.

Beazley has launched two new cyber insurance endorsements designed to help businesses manage risks arising from their own use of AI, rather than the more commonly discussed threat of AI-enabled cyber attacks against them. The first, an AI Voluntary Shutdown solution, which Beazley describes as an industry first, covers organizations that need to suspend their own malfunctioning AI system before it causes significant financial or reputational harm, addressing the business interruption and lost-earnings exposure created by that kind of precautionary shutdown.