Zurich Insurance Group has completed its $10.8 billion acquisition of Beazley, bringing the London-listed specialty insurer — which has been building a Bermuda underwriting and insurance-linked securities platform — into the Swiss insurer’s global group.

The companies said today that the court-approved scheme of arrangement became effective after the court order was delivered to the United Kingdom Registrar of Companies.

Beazley shareholders will receive 1,310p (about $17.03) a share under the cash offer. Trading in Beazley shares was suspended today, with the company’s delisting from the London Stock Exchange expected today.

The transaction, first agreed in March, creates a specialty insurance business with about $15 billion in pro-forma gross written premiums. Zurich has said the combined business will draw on Beazley’s underwriting expertise, data capabilities and Lloyd’s of London presence.

The acquisition comes as Beazley is greatly expanding its presence in Bermuda, where it has set up a platform to support alternative risk transfer, cyber ILS, captives, property treaty reinsurance and other specialty business.

Beazley said last year that it had earmarked $500 million for its Bermuda operation and expected the platform to generate $400 million in premium by 2030. About half of that target was expected to come from alternative risk-transfer activity.

The Bermuda Monetary Authority registered Beazley Bermuda Insurance Ltd as a Class 4 commercial insurer in January. The class is for insurers writing excess liability and/or property catastrophe reinsurance, with minimum capital and surplus of at least $100 million.

Beazley has since added to its Bermuda team and described the island as a strategic hub for complex and specialty solutions. It appointed a Bermuda general manager, Richard Gray, in the first half of the year. In June, the company said Stefan Wunderlich, its head of alternative risk transfer and head of parametric, would relocate to Bermuda. It also announced plans to move into offices at Ninety-One, formerly Brookfield House, in June 2027.

The new platform has also become part of Beazley’s effort to bring institutional capital into cyber risk. In August, the company said its investment in Bermuda was “proceeding at pace” and would be a key driver of its ambition to create a platform for investors to participate in cyber insurance risk.

Beazley had secured $300 million in cyber reinsurance protection through PoleStar Re Ltd, a Bermuda-domiciled special purpose insurer, in December. The transaction lifted its outstanding cyber catastrophe-bond protection to $670 million.

Zurich and Beazley said the scheme became effective after the UK High Court sanctioned it on September 22. Beazley’s former directors stepped down on completion and Zurich-appointed directors joined the board.

The completion announcement did not set out any new Bermuda plans. However, Beazley had previously said its Bermuda operation would stay part of its underwriting activities in Zurich’s wider specialty insurance platform.