Zurich pulls out of Openwork ownership

Insurer will divest its stake over four years

Carmen Reichman
clock • 1 min read

Insurer Zurich will sell its 25% stake in adviser network Openwork over the coming four years, the companies have announced.

The insurer has agreed to transfer its shareholding to Openwork gradually before March 2020, marking the end of its 15-year ownership. It is not known how much Zurich will earn from the sale of its stake but latest results showed the network has been profitable in recent years.  Openwork made a pre-tax profit of £4.3m in 2014, up from £183,000 in 2013. The firm's first profitable year was 2012, when it recorded a pre-tax profit of £2m following a loss of almost £7m. The restricted network of about 600 adviser firms and 3,000 advisers is currently 67.5% owned by its advice firms, 7....

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Companies

Premier Miton net outflows greater than expected but group's performance 'credible'

Premier Miton net outflows greater than expected but group's performance 'credible'

CEO notes 'difficult' market conditions and buying opportunities

Eve Maddock-Jones
clock 16 April 2025 • 2 min read
Tatton sees AUM up 24% to £21.8bn as chair announces retirement

Tatton sees AUM up 24% to £21.8bn as chair announces retirement

For year ended 31 March 2025

Jen Frost
clock 15 April 2025 • 3 min read
Benchmark buys remaining minority stake in Oculus

Benchmark buys remaining minority stake in Oculus

Network was acquired by Benchmark in 2022

Isabel Baxter
clock 14 April 2025 • 1 min read