Zurich UK has agreed to acquire Oak Underwriting from RSA Insurance to accelerate the growth of its high net-worth business.
The companies did not disclose the financial terms of the agreement.
Oak Underwriting, which is authorised and regulated by the Financial Conduct Authority, offers a range of products, including high net worth home and family motor fleet insurance to cover every eventuality clients may require.
The transaction, which is expected to be closed in the second quarter of this year, will strengthen Zurich’s existing high net-worth proposition, dubbed Zurich Private Clients.
It will give Zurich a distribution platform and enhanced regional presence.
Zurich UK retail head David White said: “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.”
Zurich stated that the transaction is in line with its strategy to expand in markets where it is performing strongly and can best serve customers and distributors.
Under the deal, Oak’s existing office in Chipping Norton will be retained by Zurich. Oak will become part of Zurich Private Clients business over the medium-term.
As part of the deal, about 80 employees from Oak Underwriting are expected to be transferred to Zurich.
Oak Underwriting private clients managing director Mark Coffey 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.”
Image: The transaction enhances Zurich’s existing high net-worth proposition. Photo: Courtesy of Zurich.