Zurich UK has signed an agreement to acquire Oak Underwriting from RSA Insurance for an undisclosed sum.
Oak Underwriting offers products such as high value home insurance and family motor fleet insurance, besides travel and marine insurance.
The acquisition is part of Zurich’s strategy to bolster its presence in the high net-worth (HNW) sector.
The agreement bolsters the company’s existing HNW unit, called Zurich Private Clients. It will also give the company a broader distribution platform and expand its regional footprint.
Paul Glasper, head of specialist retail at Zurich, will manage both businesses.
Zurich UK head of retail David White said: “Today’s announcement accelerates the growth of our high net-worth business, giving us significant scale in the market and transforming us into one of the largest providers.
“This deal broadens our distribution capabilities and enhances our regional footprint. We are confident the combined strengths of our businesses will create a market leading high net-worth proposition, focussing on high levels of service and depth of broker relationships.”
Mark Coffey of Oak Underwriting said: “Zurich has an ambition to become the leading high net-worth player in the UK market so I am pleased we are joining their organisation to achieve this. We have some great people and fantastic capability so combining the best of Oak and the best of Zurich Private Clients will create something which is really exciting.”
Upon completion of the transaction, Zurich will retain Oak’s existing office in Chipping Norton. Oak will become part of Zurich Private Clients business over the medium-term.
As part of the deal, about 80 Oak Underwriting employees will move to Zurich.
The transaction is scheduled to be completed during the second quarter of 2018, subject to receipt of legal and regulatory approvals.