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....
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