Zurich UK has reached an agreement to acquire Oak Underwriting plc 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.
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, who reports to David White, will lead both businesses.
The acquisition is in line with Zurich’s strategy to grow in markets where it is performing strongly and can best serve customers and distributors.
David White, Head of Retail, Zurich UK, 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, 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.”
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.
Subject to the required legal and regulatory approvals, the transaction is expected to close in the second quarter of 2018.