Beazley has declined a $10.2bn (SFr8.06bn) takeover proposal from Zurich Insurance Group, stating the cash offer of 1,280 pence (£12.80) per share "materially undervalues Beazley and its longer-term prospects as an independent company". The specialty insurer’s board unanimously rejected the latest terms, maintaining that the improved offer still falls short of a previous bid made by Zurich in June last year, which was also turned down. However, the company clarified that it has maintained engagement wit ...