Zurich Said to Near Deal for Beazley Funded by Equity Sale (1)

Zurich Insurance Group AG is nearing an agreement to acquire UK specialty insurer Beazley Plc and raise billions of dollars in equity to help fund the deal, according to people familiar with the matter.

The Swiss insurer is likely to announce a firm, recommended bid for Beazley as early as Monday, the people said. Simultaneously, the Swiss company is expected to tap investors for $3 billion to $5 billion by March 4, the latest deadline for it to make a definite offer for Beazley, one of the people said.

The final timing, and size of the equity raise, could still ...