Endsleigh Insurance Services' management buyout from Dutch insurer De Goudse has been completed.
The National Union of Students (NUS) has retained a 15% shareholding in the company.
Endsleigh's managing director Mike Alcock and sales director Ian Passmore would share the remaining 85% with Zurich Financial Services.
He said the focus of the business would continue to be offering targeted niche products to students, graduates and professionals, in 129 branches, call centres and the internet.
Alcock said all the ingredients were in place to increase Endsleigh's market share.
Zurich's retail financial services managing director Ian Owen said Zurich found Endsleigh's target market very attractive.