High net worth specialist Oak Underwriting has been sold to fellow underwriting agency Somerville, which has secured a 30% increase in capacity for 2004.
Beazley, which underwrites Oak's high net worth policy, said that it was delighted with the deal. "It ensures our long-term commitment to this successful busines," said Andrew Beazley.
Somerville founder Andrew Cross becomes chairman of Oak Underwriting. He said: "When this opportunity came along, it was the culmination of a long ambition to grow Somerville's underwriting interests in the high net worth sector."
Tony Lumsden Cook continues as Oak's managing director and has a three-year contract.
