Reinsurance News


Aviva hires new CEO of UK & Ireland Life Insurance

16th December 2020

Aviva has appointed Doug Brown as CEO of UK & Ireland Life Insurance, where he is expected to join in April. Brown is currently serving as CEO of Canada Life in the UK and will join Aviva’s Group Executive Committee, reporting to Aviva Group CEO, Amanda Blanc. He has substantial, senior management ... Read the full article

Aviva to sell Vietnam business to Manulife

14th December 2020

London-headquartered insurer Aviva has agreed to sell its life insurance business in Vietnam to Manulife. Aviva Vietnam will be 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 by around £100 million. As part of the deal, Manulife ... Read the full article

Aviva names Chief Brand & Corporate Affairs Officer

9th December 2020

Aviva has announced the appointment of Stephen Doherty as Chief Brand and Corporate Affairs Officer. This new role at Aviva will see Doherty join the Group Executive Committee, reporting to Aviva Chief Executive Officer, Amanda Blanc. He will commence his role at Aviva in March 2021, and will lead on brand, public ... Read the full article

Aviva appoints Winslow as CEO of International

4th December 2020

London-headquartered insurer Aviva has appointed Adam Winslow as CEO of International. In this newly-created role, Winslow will be reporting to Amanda Blanc and will also be joining the Group Executive Committee. Winslow will join Aviva in January and will be responsible for Aviva’s international businesses in continental Europe and Asia. He has two ... Read the full article

Singlife led consortium completes acquisition of Aviva’s Singapore business

1st December 2020

A consortium led by Singapore Life Pte. Ltd. (Singlife) has completed its previously announced transaction to combine Singlife with UK insurer Aviva's Singapore operations. With the deal now complete, a new company called Aviva Singlife Holdings Pte. Ltd. will now hold the Singlife and Aviva Singapore legal entities, which will continue ... Read the full article

Aviva wraps up £875mn buy-in deal with staff pension scheme

30th November 2020

The Aviva Staff Pension Scheme has completed a £875 million buy-in with Aviva Life & Pensions UK that covers the liabilities of roughly 2,800 members. Advised by Hymans Robertson, this is the second buy-in with Aviva following a £1.7bn deal in 2019 and a £5bn longevity swap in 2014. This latest ... Read the full article

Aviva sees new business sales spike in 9M thanks to higher bulk annuity sales

26th November 2020

London-headquartered insurer Aviva saw UK & Ireland Life new business sales increase 40% to £9.2 billion over the first nine months of 2020, driven by £5 billion of bulk purchase annuity sales, up from £2.1 billion in the same period last year. In UK Savings and Retirement, net fund flows increased 20% ... Read the full article

Aviva sells shares in Italian life venture to UBI Banca

24th November 2020

London-headquartered insurer Aviva has agreed to sell its entire 80% shareholding in the Italian life insurance joint venture, Aviva Vita S.p.A, to its partner UBI Banca. Aviva previously announced a commitment to refocus its portfolio, and this transaction represents just that. On completion, Aviva will receive €400 million in cash consideration. The ... Read the full article

Marks & Spencer’s pension scheme backed by Aviva and Phoenix Life

6th November 2020

Marks & Spencer has taken a further significant step in reducing the risks in its £11bn UK defined benefit pension scheme through two further buy-in policies with Aviva and Phoenix Life totalling £750m. Hymans Robertson has been working with Marks & Spencer on the de-risking strategy for the pension scheme, working ... Read the full article

Prudential completes pension transaction with Aviva

30th October 2020

Prudential Retirement, a business unit of Prudential Financial (PFI), is expanding its global longevity reinsurance business with a new offering driven by a huge growth in the UK pension market. PFI's first transaction in the emerging funded reinsurance market closed in June with UK insurer, Aviva. The UK market for pension bulk ... Read the full article

Macif, Generali & CVC to join bidding war for Aviva’s French business

26th October 2020

Reports suggest that mutual insurer Macif and a consortium consisting of Generali and investment firm CVC Capital Partners are readying their bids for an acquisition of Aviva’s business in France. Last month, sources at Reuters said a consortium of Allianz and life re/insurer Athora Holding were in talks to takeover ... Read the full article

Allianz & Athora reportedly eyeing Aviva takeover in France

25th September 2020

A consortium of Allianz and life re/insurer Athora Holding is considering a takeover of Aviva’s French business in a deal valued at €2 billion to €3 billion, according to reports from Reuters. Reuters sources said that Aviva has engaged JP Morgan and Rothschild to help offload its life and P&C operations ... Read the full article

AVIVA elects new Chairman for International Underwriting Association

24th September 2020

London-headquartered insurer, Aviva has announced the election of Patrick Tiernana as the new Chairman of the International Underwriting Association. Tiernan has been a member of the IUA Board since 2017 and accepted his new role as Chairman at the association’s annual general meeting on Wednesday 23 September. He takes over from Malcolm ... Read the full article

Aviva agrees to sell £1.6bn majority stake in Singapore business

14th September 2020

UK insurer Aviva has agreed to sell a majority stake in its Singapore business for £1.6 billion to a consortium led by insurtech Singlife. In Singapore, the new business will be initially branded as Aviva Singlife. The £1.6 billion Aviva will recieve includes £1.2 billion in cash and marketable securities, £143 million in ... Read the full article

Reinsurers to absorb £276mn of Aviva’s COVID-19 losses

7th August 2020

Alongside the release of its H1 results, UK insurer Aviva has reported that its reinsurance program is set to absorb £276 million of its COVID-19 losses. Aviva said that the impact of the pandemic on incurred claims losses is estimated at £441 million, or £165 million net of reinsurance. Overall, the company ... Read the full article

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