Leading insurer Zurich has completed the acquisition of Oak Underwriting from RSA Insurance, turning it into one of the largest high net-worth insurers in the UK.
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. First announced in March, the acquisition is in line with Zurich’s strategy to grow in markets where it is performing strongly and can best serve its customers and distributors.
David White, Head of Retail, Zurich UK, 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.”
Mark Peters, currently Zurich’s Head of Market Management for Wealth, will become Head of Oak Underwriting. Mark has played a pivotal role in shaping Zurich’s retail platform proposition, helping it to become the fastest growing new entrant in the platform market and has been central to its continued evolution.
He replaces former Oak Managing Director, Mark Coffey, who has left to take up a new position outside of the business. Mark will report to Paul Glasper, Zurich’s Head of Specialist Retail.
The deal has seen Zurich retain Oak’s existing office in Chipping Norton and all of its employees. Over the medium-term Oak will become part of Zurich Private Clients business.