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Zurich UK to acquire RSA Insurance's Oak Underwriting

Zurich U.K. has agreed to acquire Chipping Norton, U.K.-based Oak Underwriting Plc from RSA Insurance Group Plc.

The British unit of Switzerland-based Zurich Insurance Group AG said the deal will allow it to grow in the high-net-worth sector.

About 80 employees are expected to move to Zurich as part of the deal, which is expected to finalize in the second quarter, subject to legal and regulatory approvals. Oak Underwriting's office in Chipping Norton will remain in place and the company will become part of Zurich's existing high-net-worth business, Zurich Private Clients.