Reinsurance News


Aviva to acquire Canadian MGA Optiom

27th November 2023

Aviva has announced the acquisition of Optiom O2 Holdings Inc from Novacap and other minority shareholders for a consideration of c.£100m (c.CAD$170m). Optiom, which operates as a managing general agent (MGA), provides vehicle replacement insurance in Canada. According to Aviva, the acquisition will help expand its capital-light businesses, which make up over ... Read the full article

Aviva reports 13% increase in 9M’23 GWP for general insurance segment

16th November 2023

Global insurer, Aviva plc has reported a 13% increase in gross written premiums (GWP) for its general insurance business in 9M 2023 to £8 billion, driven by strong rate, new business volumes, and retention. Within the UK&I segment, GWP increased 15% year-on-year as Canadian GWP rose 11% at constant currency. While premiums ... Read the full article

Aviva appoints Leah Ramoutar as Environmental Sustainability Director

19th October 2023

Global insurer Aviva has appointed Leah Ramoutar, currently the Head of Climate and Nature Risk at Phoenix Group, as the Environmental Sustainability Director, effective later this month. Claudine Blamey, the Group's Sustainability Director, commented, "Leah is a brilliant addition to Aviva. As Environmental Sustainability Director, she will be instrumental in delivering ... Read the full article

Aviva partners with hyperexponential for pricing transformation

17th October 2023

Aviva’s Global Corporate and Specialty (GCS) team has announced it is using hyperexponential’s Pricing Decision Intelligence (PDI) platform, hx Renew, to deliver pricing models in record time. Thanks to hx Renew, the GCS team has been able to build 20 new insurance pricing models in just nine months. Now underwriters can ... Read the full article

Aviva in a much better position, deal for whole entity ‘nearly impossible’, says Deutsche Bank

9th October 2023

Analysts at Deutsche Bank have commented on last week's media speculation suggesting UK insurer Aviva is a potential acquisition target, stating that it views a deal for the entire firm has nearly impossible, and even a sale of parts of the business as unlikely. As we wrote last week, Aviva's ... Read the full article

Aviva takeover talk unsurprising, but whole acquisition seems unlikely, say analysts

6th October 2023

As news of a potential takeover of large UK insurer Aviva emerged this morning, analysts suggest that while rumours are unsurprising, an acquisition of the whole Group seems unlikely given its position in the UK life sector. After The Times newspaper cited talk of a potential takeover of Aviva, citing Allianz, ... Read the full article

Aviva acquires AIG’s UK protection business for £460m

25th September 2023

Aviva has announced the acquisition of AIG Life Limited (AIG Life UK) from Corebridge Financial, Inc., a quoted subsidiary of AIG, for a consideration of £460 million. The transaction is subject to customary closing conditions including regulatory approvals, and is expected to close in the first half of 2024. AIG Life ... Read the full article

Aviva strengthens team with two senior appointments

30th August 2023

Aviva has announced the appointments of Jason Storah as CEO of UK & Ireland General Insurance, and Tracy Garrad as CEO of Aviva Canada. The two appointments are subject to regulatory approvals. Storah is a market veteran with over 20 years of industry experience. In his new role, he will continue ... Read the full article

Aviva sees operating profits rise 8% in H1’23

16th August 2023

In its interim results for 2023, Aviva reported that its operating profit rose by 8% to £715 million in the first half of the year. The firm marked the increase from the same point in 2022 when operating profits stood at £661 million. Aviva reported that General Insurance gross written premiums (GWP) ... Read the full article

Aviva sees GWP rise 11% to £2.4bn in Q1

24th May 2023

In its Q1 results, Aviva reported that General Insurance gross written premiums (GWP) were up 11% at constant currency to £2.4bn, driven by disciplined management of inflationary pressures and a balanced mix across personal and commercial lines, and across the UK, Ireland and Canada. According to Aviva, UK&I GWP increased by ... Read the full article

Aviva announces partnership with CyberCube

18th April 2023

London-headquartered insurer, Aviva has partnered with cyber risk analytics firm CyberCube to support the growth ambitions for its cyber book. Through this partnership, the insurer is to roll out a broad range of CyberCube’s products. It has signed a multi-year contract licensing CyberCube’s platforms Portfolio Manager and Account Manager. Stephen Ridley, Aviva ... Read the full article

Aviva completes £400m bulk annuity deal with Deutsche Bank

5th April 2023

Aviva has completed a £400 million bulk purchase annuity buy-in transaction with the trustees of the DB (UK) Pension Scheme. Aviva will insure the defined benefit pension liabilities for nearly 1,300 members, removing the investment and longevity risk of these members from the Scheme. The companies assured that members will experience no ... Read the full article

Aviva sees 8% rise in GWP in 2022 results

9th March 2023

Aviva has reported General Insurance gross written premiums (GWP) are up 8% to £9,749 million in its full-year financial results for 2022, compared to the prior year’s £8,807 million. The firm notes UK & Ireland GWP are up 7% to £5,740 million, compared to 2021’s £5,352 million, with Canada GWP up ... Read the full article

Aviva Canada announces new parametric insurance coverage

8th March 2023

Property and casualty insurer Aviva Canada, with support of insuretech CelsiusPro, is now offering parametric excess rain coverage to help its clients better cope with climate change. The new offering will use CelsiusPro’s White Label Platform (WLP) solution, which according to the insurtech, has demonstrated that it is uniquely capable of ... Read the full article

Aviva completes £850m buy-in of Arcadia pension schemes

10th February 2023

Aviva has completed an £850 million buy-in of the Arcadia Group Pension Scheme and Arcadia Group Senior Executive Pension Scheme. The bulk purchase annuity transaction has secured the benefits of 8,800 members across the two schemes after they entered into a Pension Protection Fund (PPF) assessment on 30 November 2020. Aviva was ... Read the full article