Reinsurance News

Aviva

Aviva incurs £50m hit from UK’s December freeze

25th January 2023

London-headquartered insurer Aviva has provided an update on its general insurance lines for the fourth quarter of the year, including £50 million of losses from severe weather last month. The company reported that its general insurance businesses in the UK, Ireland and Canada all continued to “trade positively” over the closing ... Read the full article

Arcadian & Aviva enter into a D&F property binding arrangement

18th January 2023

Bermuda-based Managing General Agent (MGA) Arcadian Risk Capital has announced that it has entered into a Direct and Facultative (D&F) Property binding arrangement with Aviva. The multi-year agreement, which was arranged by Inver Re, is set to support Arcadian's short tail book of technically-engineered, risk management business, written either as a ... Read the full article

Aviva completes £400m buy-in with Interserve

12th January 2023

London-headquartered insurer, Aviva has completed a £400 million buy-in of the Interserve Pension Scheme, securing the benefits of more than 7,000 members. This buy-in follows a £300 million pensioner-only buy-in back in 2014 and means that Aviva has now insured the pension liabilities for all Interserve Section members, comprising 4,300 pensioners ... Read the full article

Aviva reports GWP growth of 10% in Q3 to £7.2bn

9th November 2022

Aviva has reported general Insurance gross written premiums are up 10% to £7.2bn in the third quarter of 2022, compared to £6.5bn for the same quarter last year. The firm notes UK GWP are up 7% to £3.9bn and Canada GWP are up 8% at constant currency to £3.0bn, while combined ... Read the full article

SCR ratio reduction unlikely to have significant impact: GlobalData

9th November 2022

Solvency capital requirements for UK insurers may be relaxed in the near future following the September 2022 mini budget, but according to GlobalData, findings have shown that leading UK insurers are not coming close to the existing limits. GlobalData stated that as part of the mini-budget, the current Solvency Capital Requirement ... Read the full article

Moody’s affirms ratings of Aviva, AXA UK, L&G, and M&G

26th October 2022

Moody’s has affirmed the ratings of Aviva, AXA UK, L&G, and M&G, saying that the insurance financial strength ratings (IFSR) of the first three are still ‘stable’, while that of M&G remains ‘negative’. A statement from Moody’s said that the move comes despite a weakening of the UK government’s creditworthiness, indicated ... Read the full article

Pen Underwriting enters strategic partnership with Aviva

5th October 2022

Pen Underwriting has announced a multi-year strategic partnership with Aviva to strengthen its personal lines and property owners’ business, which will see Aviva providing capacity for over £100m in premium per annum. Under the terms of the new deal, Aviva will provide 100% capacity across these business lines within Pen’s personal ... Read the full article

Lemonade partners with Aviva amid UK launch

3rd October 2022

US-based insurtech Lemonade has launched in the UK, entering a long-term, strategic partnership with Aviva. Lemonade states that residents across the UK can now get access to its insurance contents instantly, from anywhere, on any device, as well as file claims and get paid in seconds. Daniel Schreiber, Lemonade co-CEO and co-founder, ... Read the full article

Aviva sees operating profits rise 14% in H1 2022

10th August 2022

Aviva is reporting in its interim reports for 2022 that its operating profit rose by 14% to £829m in the first half of the year. The firm marked the increase from the same point in 2021 when operating profits stood at £725m. Amanda Blanc, group chief executive officer of the firm, said: ... Read the full article

UK fraudulent claims increased by 13% in 2021, Aviva

27th May 2022

London-headquartered insurer, Aviva has published its report on insurance claims fraud for 2021 in the UK, which showed that the number of fraudulent claims increased by 13% last year. Aviva also uncovered more than 11,000 instances of claims fraud last year that were worth more than £122 million. The insurer also stated ... Read the full article

Aviva posts record Q1 general insurance premiums

18th May 2022

Insurer Aviva has reported gross written premium (GWP) growth of 5% in its General Insurance business for the first quarter of 2022, to £2.1 billion. The Q1 2022 total is a record for the segment and comes after GWP of £2 billion in Q1 2021, driven by strong sales in commercial ... Read the full article

Aviva names Charlotte Jones as CFO

4th April 2022

London-headquartered insurer Aviva has appointed Charlotte Jones as Chief Financial Officer (CFO) and Executive Director which will come into effect in September. Jones was previously CFO of RSA Insurance plc and Interim Chief Executive Officer of the RSA UK & International business. She has held a career in financial services including as ... Read the full article

Aviva adjusts its Board and Committees

25th February 2022

Aviva is shaking up its Board and Committees, according to a statement from the insurer. It said that Belen Romana Garcia and Patricia Cross will retire from the Board following the conclusion of the Company’s AGM on 9 May 2022, having served eight and seven years respectively. Meanwhile, Andrea Blance has ... Read the full article

Aviva CFO Jason Windsor to step down

13th January 2022

London-headquartered insurer Aviva has announced that Jason Windsor has resigned from his position as Chief Financial Officer (CFO) and as a Director of the Company. Windsor will leave with effect from July 2022 to take up the position of CFO at Persimmon, a British housebuilding company, headquartered in York. Over the next ... Read the full article

Aviva concludes divestment program with Vietnam sale

30th December 2021

London-headquartered insurer Aviva has finalised the sale of its life insurance business in Vietnam to Manulife, which was first announced a year ago. The business has been sold for an all cash consideration in a transaction that’s expected to increase the company’s IFRS Net Asset Value and Solvency II surplus ... Read the full article