Beazley shareholders have voted in favour of Zurich’s £8.1 billion ($15.3 billion) takeover offer, paving the way for the deal to be completed in the second half of this year.

The boards of both companies said earlier this year they had reached agreement on the terms of an all-cash offer, with the proposal subject to shareholder and court approvals.

At the Beazley general meeting last Wednesday, 99.92% of votes were in favour of the transaction, which is being undertaken through a scheme of arrangement.

Court clearance is anticipated in the second half, allowing the scheme to become effective by the year’s end.

Zurich says the transaction will accelerate its specialty expansion strategy.

The combined businesses would create a global specialty platform with about $US15 billion ($21 billion) of gross written premium, based in the UK, which would leverage Beazley’s Lloyd’s presence.

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