Zurich UK has wrapped up the acquisition of HNW insurance specialist Oak Underwriting from RSA Insurance.
The transaction, first announced in March, enhances Zurich’s existing high net-worth proposition, known as Zurich Private Clients.
The deal will also provide Zurich with a broader distribution platform and enhanced regional presence.
Zurich stated that the acquisition is in line with its strategy to grow in markets where it is performing and can best its customers and distributors.
Along with closing of the transaction, Zurich appointed Mark Peters new head of Oak Underwriting who is currently Zurich’s head of market management for wealth.
Peters will replace former Oak managing director Mark Coffey who left the business. Peters will report to Paul Glasper, Zurich’s head of specialist retail.
Zurich UK head of retail David White said: “Today’s announcement brings together two highly complementary brands to create a market leading high net-worth business.
“This transaction significantly increases our scale in the market, transforming us into one of the UK’s largest high net-worth insurers and giving us a strong platform for driving future growth.
“Oak is an excellent strategic fit for our business, further strengthening our underwriting expertise, enhancing our distribution capabilities and expanding our regional footprint. We welcome our new customers, distributors and colleagues to Zurich.”
Under the terms of the deal, Zurich will retain Oak’s existing office in Chipping Norton and all of its employees. Oak will become part of Zurich private clients business over the medium-term.