Oak Underwriting provides tailor made home and motor insurance for “high value clients” and is being sold by RSA Insurance. Financial details were not disclosed.
According to Zurich, the transaction enhances its high net worth proposition, known as Zurich Private Clients, and gives it a broader distribution platform and enhanced reginal presence.
Zurich will retain Oak’s existing office in Chipping Norton and, over the medium term, Oak will become part of Zurich Private Clients business.
The deal is expected to close in the second quarter of 2018, subject to legal and regulatory approvals.
As part of the transaction around 80 employees are expected to transfer to Zurich.
Zurich’s head of specialist retail, Paul Glasper, will lead both businesses.
Enhanced distribution and footprint
David White, head of retail, Zurich UK, said: “[Wednesday’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.”
