Zurich raises SFr3.9bn to support Beazley takeover

Zurich Insurance Group has raised SFr3.9bn through an accelerated book-building to partly finance its proposed acquisition of UK-based insurer Beazley. Zurich expects the combination to deliver annual pre-tax run-rate cost savings of around $150m by 2029, capital synergies of roughly $1bn within two years of completion and incremental revenue opportunities exceeding $1bn annually over the medium term. The Swiss insurer issued approximately 7.09 million new registered shares, each with a par value of SFr0.10 ...