Zurich previously proposed 1,230 pence per share on January 4, 2026, an approach that Beazley’s board rejected on January 16 as significantly undervaluing the company. The revised 1,280p proposal equates to a 56% premium to Beazley’s 30-day volume-weighted average share price to January 16, a 27% premium to the median analyst price target of 1,010p, and a 32% premium to Beazley’s all-time high of 973p on June 6, 2025. Zurich said any eventual offer price could be reduced by the amount of dividends declared or paid after the announcement.