Swiss insurance major Zurich Insurance Group has entered into an agreement to acquire UK-based specialty insurer Beazley plc for £8.1 billion, as reported by Reuters.

As a leading global specialty underwriter, Beazley brings established underwriting expertise, a robust global client network and complementary product lines. The acquisition will significantly strengthen Zurich’s position in the specialty insurance market, particularly expanding its footprint in segments including cyber, marine, aviation, space and fine art insurance.