Zurich discloses stake in Beazley after takeover snub

Group 1 - Zurich Insurance Group has acquired a stake of approximately 1.47% in Beazley, amounting to around 8.87 million shares, following Beazley's rejection of Zurich's $10.2 billion takeover bid [1] - Beazley's board rejected the takeover offer, stating it "materially undervalues Beazley and its longer-term prospects as an independent company" [2] - Beazley has kept discussions open with Zurich, providing "certain limited due diligence information in a good faith effort" despite the rejection [2] Group 2 - Zurich is working on establishing its first syndicate at Lloyd's of London, which would allow access to private capital for underwriting within the Lloyd's insurance market [3] - Negotiations between Zurich and Lloyd's are reportedly progressing, with a potential start date for the new syndicate as early as April 2 [4]