Zurich UK has inked a deal to acquire Oak Underwriting from RSA as it looks to bolster its market position in the high net-worth space.

The carrier said that the transaction enhances its existing high net-worth proposition, Zurich Private Clients, and provides it with a broader distribution platform and enhanced regional presence. Over the medium-term, Oak will become part of Zurich Private Client’s business.

The terms of the transaction were not disclosed.

Zurich’s head of specialist retail, Paul Glasper, will lead both businesses. As part of the transaction around 80 employees are expected to transfer to Zurich. The deal will also see Zurich retain Oak’s existing office in Chipping Norton.

Zurich UK head of retail David White said the deal accelerates the growth of the company’s high net-worth business, giving it significant scale in the market and transforming it 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, focusing on high levels of service and depth of broker relationships,” he said.

Mark Coffey of Oak Underwriting commented: “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 is expected to close in the second quarter of 2018, subject to the necessary legal and regulatory approvals.