Zurich has completed the acquisition of Oak Underwriting from RSA Insurance, a move that sees it become one of the largest high net-worth insurers in the UK.
First announced in March, the transaction enhances Zurich’s high net-worth proposition, Zurich Private Clients, giving it a broader distribution platform and enhanced regional presence.
As part of the move, Zurich has named Mark Peters (pictured), currently the insurer’s head of market management for wealth, as the new head of Oak Underwriting. Peters replaces former Oak managing director Mark Coffey, who has left to take up a new position outside of the business.
Peters, who will report to Paul Glasper, Zurich’s head of specialist retail, is described by the insurer as having played a pivotal role in shaping its retail platform proposition.
David White, head of retail for Zurich UK, said the deal has brought 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,” White said.
“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.”
The acquisition is in line with Zurich’s strategy to grow in markets where it is performing strongly and where it believes it can best serve customers and distributors.
Zurich will 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.
Related stories:
Zurich makes swoop for Oak Underwriting
Mark Coffey moves to The Ardonagh Group
