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.

Blackstone Inc. and Brookfield Asset Management Ltd. are among the private equity firms in the next round of bidding for a majority stake in Volkswagen AG’s heavy diesel engine unit, having made new offers of at least €8 billion ($9.4 billion), people familiar with the matter said.