Zurich Insurance Makes $10 Billion Bid for U.K. Specialist Insurer

Switzerland’s Zurich Insurance ZURN -1.88%decrease; red down pointing triangle launched an improved bid for Beazley BEZ -1.79%decrease; red down pointing triangle, valuing the U.K. cyber insurer at 7.67 billion pounds, equivalent to $10.27 billion, after its board rejected an offer earlier this month.

Beazley shares jumped to a record high on Monday after Zurich said it submitted a plan to buy the company for 12.80 pounds a share—at a generous 56% premium based on Friday’s closing price of 8.20 pounds.