Beazley rallied on Monday after Zurich Insurance disclosed a stake of just under 1.5% in the London-listed insurer, after a recent takeover approach was rejected.
Zurich said in a filing that as of 30 January, it holds just over 8.86m shares in Beazley.
On 22 January, Beazley said it had rejected a £7.7bn takeover offer from Zurich as it "materially undervalues" the company and its longer-term prospects. The 1,280p a share cash offer followed an earlier approach made by Zurich on 4 January at 1,230p a share, which was rejected on 16 January.
Beazley said in its statement on 22 January that it had received three proposals from Zurich in June last year and engaged with the company "appropriately", including providing it with certain limited due diligence information "in a good faith effort to come to a shared understanding of value".
It pointed out that the terms of Zurich's latest proposal were below the proposal made in late June last year and rejected by Beazley. It valued the group at 1,315p per share at an implied equity value of £8.4bn.
At 1400 GMT, the shares were up 3.4% at 1,171p.