Global insurer Zurich has completed the acquisition of Oak Underwriting from RSA Insurance, enhancing the company’s high net-worth proposition, known as Zurich Private Clients.
The insurer’s purchase of Oak Underwriting, a high net-worth specialist insurer, makes Zurich one of the largest high net-worth insurers in the UK, and provides it with a broader distribution platform as well as enhanced regional presence.
Mark Peters, currently Head of Market Management for Wealth at Zurich, will become Head of Oak Underwriting, replacing former Oak Managing Director, Mark Coffey, who has left the company. Peters will report to Paul Glasper, Zurich’s Head of Specialist Retail.
David White, Head of Retail, Zurich UK, commented: “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.”
Under the transaction, which was first announced in March, Zurich retains Oak’s existing office in Chipping Norton as well as all of its employees. Over the medium-term, Oak is to become part of the Zurich Private Clients business.