Zurich Insurance has put forward a revised takeover proposal for UK specialty insurer Beazley, valuing the company at up to 1,335 pence per share. The proposed transaction would be worth approximately 8 billion pounds, or $10.97 billion, and follows several previously rejected bids.

Under the updated proposal, Zurich would offer 1,310 pence per share in cash, along with permitted dividends of up to 25 pence per share. Beazley confirmed that its board would be prepared to recommend the offer once Zurich submits a formal bid, provided this occurs by February 16 in accordance with UK takeover rules.

Beazley had earlier rejected multiple approaches from Zurich, citing undervaluation. These included an offer of 1,280 pence per share in January and a prior proposal of 1,315 pence per share in June. The improved terms appear to have addressed at least some of the board’s concerns, leading to its more receptive stance.

Following the announcement, Beazley’s shares rose as much as 9%, reaching a record high of 1,265 pence. Market reaction suggested optimism around the likelihood of the transaction proceeding. According to Mark Kelly, CEO of advisory firm MKI Global, the risks surrounding the deal appeared low, both in terms of potential competing bids and the likelihood of successful completion.

If completed, the acquisition would strengthen Zurich’s position in specialty insurance. Beazley operates in a range of specialty lines, including cyber, marine, aviation and space, and fine art insurance. The transaction would also expand Zurich’s footprint in the UK, a market that may offer strategic diversification as the insurer’s exposure to the United States and the impact of a weaker U.S. dollar have weighed on its performance and share price.

Zurich stated that it looks forward to beginning confirmatory due diligence and working with Beazley toward a binding offer announcement. The two companies issued a joint statement reflecting this intent.

The proposed takeover would represent another example of a foreign buyer pursuing a London-listed company, a trend that has continued amid relatively lower UK equity valuations. Zurich disclosed earlier this week that it had acquired a 1.47% stake in Beazley.

The situation remains subject to Zurich making a formal offer and completing due diligence, with further developments expected ahead of the February 16 deadline.

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DOXA has announced the expansion of its executive leadership team with Minas Kourouglos joining the company as Chief Corporate Development Officer. Kourouglos’ addition to the leadership team comes as DOXA strategically invests in its people and platforms, supporting its strong growth and continued momentum. As MGAs take increased share in the P&C industry— DOXA remains focused on strategic expansion through M&A and new product launches and continues to invest in leadership and operational capabilities to support this growth. “As DOXA advances its upward growth trajectory, part of our people-first approach is placing strong leaders in critical roles,” said Matt Sackett, CEO of DOXA. “Minas brings deep experience in corporate development, having guided hundreds of M&A transactions over the course of his career. His proven track record, leadership, and emphasis on relationships will strengthen how we identify and partner with specialty insurance businesses and further differentiate DOXA and our offerings.” In his role as Chief Corporate Development Officer, Kourouglos will work closely with executive leadership to expand acquisition capabilities, strengthen mergers and acquisitions (M&A) execution, and support DOXA’s long-term growth strategy. With more than a decade of experience leading M&A activity in the insurance industry at organizations such as Trucordia and Capital West Insurance, he is well-versed in scaling insurance platforms through disciplined, relationship-driven growth. Kourouglos says his successful 10-year track record in driving M&A strategy, execution and integration is driven by his emphasis on strong relationships and well-grounded fundamentals, or what he calls the insurance industry career essentials. Moreover, Kourouglos’ attention to detail and focus on getting to know the individuals behind the business closely align with DOXA’s growth strategy. “DOXA’s focus on specialty underwriting and building a long-term, sustainable community of specialty insurance businesses is what attracted me to the organization,” said Kourouglos. “I’m excited to work alongside this team to identify strong acquisitions, support their growth, and enable entrepreneurial teams to scale.” To learn more about DOXA and its leadership team, visit https://doxa.com/about/. ABOUT DOXA: DOXA is an award-winning specialty insurance platform that acquires and grows niche-market-focused insurance program administrators, underwriting and program distribution companies including MGAs, MGUs, brokers and direct-to-consumer operators. The company was built to create a community of excellence where MGAs and MGUs partner with each other, carriers, and agents to find exceptional solutions for diverse business risks. By combining deep vertical knowledge, operational agility and human integrity, DOXA creates collective excellence across the specialty insurance ecosystem to fuel the exceptional. For information visit www.DOXA.com. Get the latest insurance market updates and discover exclusive program opportunities at ProgramBusiness.com. 

Reliance Global Group, Inc. announced continued operating momentum within its RELI Exchange, LLC subsidiary, highlighted by a year-over-year increase in Personal Lines Property and Casualty written premium. The Company shared the update on February 2, 2026, citing internal, unaudited production data.

According to the announcement, Personal Lines P&C written premium generated through RELI Exchange increased from approximately $11.47 million in 2024 to approximately $15.6 million in 2025. As a result, this reflects a 36% year-over-year increase. The Company stated that this Personal Lines production represents a substantial majority of RELI Exchange’s total Personal Lines premium during the periods presented. Additionally, Reliance noted that these figures provide a meaningful indicator of year-over-year production trends based on internal, unaudited carrier-level production information.

This growth builds on the operating momentum previously reported within RELI Exchange. The Company emphasized that the increase underscores the platform’s ability to scale distribution and drive increased production across multiple insurance lines.

Reliance attributed the increase in Personal Lines written premium to the continued expansion and effectiveness of RELI Exchange’s agency partner network. Since acquiring RELI Exchange in 2022, the Company has expanded its network from approximately 65 to approximately 300 agency partners. Importantly, Reliance stated that this growth occurred organically through expanded distribution rather than acquisitions. As a result, the expanded network increased reach and supported higher premium volumes across Personal Lines P&C products.

RELI Exchange operates as a technology-enabled distribution platform for independent insurance agencies. The platform is designed to improve efficiency, expand market reach, and support scalable growth. The Company stated that the continued expansion of its agency partner network directly contributes to increased production, deeper carrier relationships, and growing premium volumes within RELI Exchange.

Ezra Beyman, chairman and chief executive officer of Reliance Global Group, commented on the results, stating that RELI Exchange continues to demonstrate its ability to scale distribution and convert that scale into premium growth. He noted that the 36% year-over-year increase reflects the strength of the expanding agency partner network and organic growth within the platform, driven by increased participation from independent agencies rather than acquisitions. He also stated that the Company continues to focus on growing and supporting its partners.

Beyond RELI Exchange, the Company highlighted its broader insurance operations, which it described as providing a stable foundation of revenue and cash flow. According to the announcement, this foundation supports Reliance’s strategic initiatives through EZRA International Group, a newer platform focused on pursuing controlling investments in high-growth, technology-driven businesses. Reliance stated that the scalability of RELI Exchange, supported by this foundation, positions the Company to pursue opportunities through EZRA.

The Company also included disclosures related to its operating metrics. The written premium figures referenced in the announcement derive from internal, unaudited carrier-level production reports and reflect gross written premium submitted through the RELI Exchange platform for the periods indicated. Reliance clarified that the written premium serves as an operating metric and does not represent revenue or income as determined under U.S. generally accepted accounting principles.

Additionally, the Company stated that written premiums do not appear on its financial statements and do not measure revenue, income, or cash flows under GAAP. Reliance noted that it does not recognize written premiums as revenue and does not derive economic benefit from the full amount of written premiums reported. The Company also disclosed that these unaudited figures may be adjusted due to policy cancellations, endorsements, and carrier reporting practices, and may not be comparable to similarly titled measures used by other companies.

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