Beazley is touting its Bermuda underwriting platform as a key part of its growth strategy as the speciality insurer navigates more competitive pricing and prepares for a takeover by Zurich Insurance Group.

The London-listed insurer said in its annual results that it remained focused on expanding into new markets and opportunities, “particularly with our new Bermuda entity and insurance solutions for the energy transition”, according to Adrian Cox, chief executive.

Last November, Beazley announced it would deploy $500 million in capital to establish the Bermuda unit. The company operates locally through Beazley Bermuda Insurance Ltd, an A-rated insurer.

Mr Cox said the company sees Bermuda as an important base for innovation and future expansion, and a means of deploying capital outside the Lloyd’s market.

“As we start 2026, we continue to see a similar pattern of competitive insurance pricing and global instability,” Mr Cox said. “In this environment, we remain resolutely focused on profitable underwriting and innovating into growth opportunities, particularly with our new Bermuda entity and insurance solutions for the energy transition.”

The group said the Bermuda presence reflects its broader approach to capital deployment as it looks for opportunities beyond its traditional Lloyd’s platform.

Barbara Plucnar Jensen, group chief financial officer, said establishing the Bermuda operation fits with the company’s long-term strategy of balancing growth with financial discipline.

“Establishing a presence in Bermuda reflects this philosophy,” she said.

Beazley reported profit before tax of $1.146 billion for 2025, down from $1.423 billion the previous year, while insurance written premiums rose to $6.1 billion. The insurer recorded a combined ratio of 81 per cent, suggesting that its underwriting continued to be profitable despite higher catastrophe losses and softer pricing in some markets.

Separately, the company confirmed that on Monday, its board agreed the terms of a nearly $11 billion recommended acquisition by Zurich Insurance Group Ltd.

“Beazley’s board announced it had agreed the terms of a recommended acquisition by Zurich Insurance Group Ltd of Beazley plc,” the company said.

If completed, the transaction would bring the speciality insurer into the Swiss group’s global insurance platform while maintaining its underwriting operations, including the Bermuda business.