Reinsurance News
Aviva
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
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