Zurich acquires Oak Underwriting
Zurich UK, a subsidiary of Zurich Insurance Group, is acquiring Oak Underwriting from RSA Insurance.
The agreement will transform Zurich’s scale in the high net-worth sector and reinforces the company’s focus on achieving a leadership position in its chosen markets, according to the company.
In addition, the transaction enhances Zurich’s existing high net-worth proposition, known as Zurich Private Clients, and gives it a broader distribution platform and enhanced regional presence. Paul Glasper, Zurich’s Head of Specialist Retail, will lead both businesses.
Oak Underwriting’s range of products includes high value home insurance and family motor fleet insurance, as well as travel and marine.
"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," said David White, head of retail, Zurich UK.
"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."
The deal will see Zurich retain Oak’s existing office in Chipping Norton. Over the medium-term Oak will become part of Zurich Private Clients business.
As part of the transaction around 80 employees are expected to transfer to Zurich.
Mark Coffey, Oak Underwriting, commented: "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."
Join us at Intelligent Automation in Insurance - London 2018. Spring Special: Book before March 31st and save £200.
More of today's news
The Hanover explores Chaucer sale
Swiss Re close to 25% stake sale to SoftBank
Flood Re freezes premiums for insurers
Canopius poaches AXA exec for credit and political risk unit
