London-listed specialty insurer Beazley said on Wednesday shareholders approved Swiss group Zurich Insurance’s 8.1 billion pound ($10.94 billion) all-cash takeover, with 99.9% votes in favor at a meeting held earlier in the day.
The acquisition, which follows a series of cyber-focused investments by Zurich, will help the Swiss insurer significantly expand its foothold in specialty insurance, encompassing areas such as cyber, marine, aviation, space and fine art.
Days after Zurich struck the deal with Beazley, it also agreed to buy Generali’s Irish P&C operations for 337 million euros ($394.69 million).
Last year, it acquired Canadian cyber insurtech Boxx Insurance, after backing the company in earlier funding rounds. In 2024, it had invested $60 million in California-based Cowbell.
Earlier in March, Zurich raised 3.9 billion Swiss francs ($4.98 billion) in a share sale to help finance the Beazley acquisition, after the British insurer accepted an improved offer of up to 1,335 pence per share.
The transaction remains subject to court sanction, which Beazley said it expects will take place during the second-half of 2026.
A losing streak in litigation finance is attracting hedge funds and other alternative investment managers looking to invest in legal claims at distressed valuations, according to people familiar with the matter.
Firms working in distressed-debt special situations including Davidson Kempner Capital Management LP and Attestor are looking to buy up such assets at valuations as low as 10 cents on the dollar, the people said, asking not to be identified discussing private deals. In some cases, buyers are taking on distressed assets for free, and agreeing to pay the seller a small amount if the underlying lawsuit wins.
Litigation finance has doubled in size over the past decade to become a $20 billion industry, channeling capital into lawsuits spanning everything from allegations of corporate malfeasance to bankruptcy disputes. But a combination of tougher regulations in key jurisdictions, protracted legal battles and investor flight has stunted its growth.
Spokespeople for Davidson Kempner and Attestor declined to comment.
