RSA buys broker-only underwriting agency to become a top three player in high net worth
RSA has bought high net worth specialist Oak Underwriting Agency for an undisclosed sum, making RSA a top three player in high net worth.
Oak is dedicated to the high net worth business but provides additional coverage provided is annual travel, yachts, motor and motor breakdown cover with RAC. Oak sells its policies exclusively through brokers.
RSA personal lines broker managing director Steve Kingshott said, “In the past 10 years, Oak has steadily built a strong reputation amongst brokers in the high net worth household insurance market for excellent customer service and expert underwriting.
“This acquisition is part of our ongoing plan to strengthen RSA’s position in the personal lines broker market and particularly in this attractive and specialist area.
“RSA and Oak is a unique and exciting fit, and gives the Group a great opportunity to become a leading force in the high net worth household market.
Oak’s policies are currently underwritten by Brit, and RSA is in negotiation with Brit over the arrangements.
Oak was set up by Tony Lumsden-Cook in April 2000.
Oak managing director Bob Trott said: “This is an exciting development for Oak having secured the backing of RSA. Service standards will continue to be a feature of the Oak delivery with the existing Oak personnel remaining in situ.
“Our challenge now is to compete at the highest level within the High Net Worth marketplace. Being part of the RSA Group will enhance the opportunity to achieve that ambition.”