Kristof Terryn is set to lead Zurich Global Specialty and Beazley, following the finalisation of the $10.8 billion deal that saw Zurich Insurance Group acquire Beazley Plc to form a combined specialty insurance operation.

Mr Terryn will become chief executive of Beazley and Zurich Global Specialty, subject to regulatory approval. He succeeds Adrian Cox, who is leaving Beazley after leading the company through a period of expansion, particularly into Bermuda’s alternative risk and cyber insurance linked securities markets. The insurer set up a $500 million office on the island last year.

Zurich announced the deal’s completion on Thursday, saying the acquisition brings Beazley into its global specialty business and creates what it describes as the world’s largest specialty insurer.

Mario Greco, Zurich’s group CEO, said: “Kristof Terryn’s extensive experience, combined with his understanding of the specialty market and the strengths that have made Beazley successful, will now position the business for a new phase of growth.”

The company also announced several senior management appointments.

Helen Pickford, Zurich United Kingdom’s chief financial officer, will become CFO of Beazley and Zurich Global Specialty. Barbara Plucnar Jensen, Beazley’s group CFO, will stay with the business as a senior adviser supporting the integration until March 2027.

Sally Henderson will become chief people and sustainability officer, succeeding Liz Ashford, who is retiring. Ed Bridge, formerly general counsel for Zurich UK and Ireland, will become general counsel for Beazley and Zurich Global Specialty.

Mr Greco thanked Mr Cox for his leadership of Beazley and Ms Ashford for her role in developing the insurer’s workforce and culture.

Zurich said it expects the integration to generate more than $1 billion in additional annual revenue by 2029, alongside at least $150 million in annual cost savings. It also expects to extract at least $1 billion of capital within the first two years of the transaction.

The acquisition gives Zurich its first presence in Lloyd’s of London, where Beazley is a major participant. Zurich said London would remain the headquarters for its global specialty business.

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.