Swiss insurance giant Zurich is buying British rival Beazley for £8.1bn ($10.8bn), having had an earlier £7.7bn bid rebuffed. 

Beazley, which features a significant marine portfolio, will be delisted from the London Stock Exchange but will remain a UK-based company.

Mario Greco, Zurich’s chief executive, said: “Leveraging Beazley’s established Lloyd’s platform, the combined specialty business will be headquartered in London and will be a powerful platform for long-term growth in specialty lines.

“We are committed to championing underwriting excellence, retaining key talent and maintaining the Beazley brand within the broader Zurich Group.”