Reinsurance News
Aviva
Aviva’s operating profit hits £1.77bn in 2024 as GI premiums climb 14%
27th February 2025
Aviva reported a group operating profit of £1.767 billion for 2024, marking a 20% increase from £1.467 billion in 2023, driven by continued strategic and operational momentum. At the same time, Aviva's General Insurance premiums were up 14% to £12.204 billion, with an undiscounted combined ratio of 96.3% and discounted combined ... Read the full article
Aviva accelerates Probitas integration with launch of two new lines on Lloyd’s market
6th February 2025
Two new lines of business from Aviva’s Global Corporate & Specialty (GCS) division—Political Violence and Terrorism (PVT) and Accident and Health—are now available on the Lloyd’s market through Probitas. This expansion further accelerates Aviva’s GCS business and marks another significant step in the company’s strategic integration of Probitas following its ... Read the full article
Colthrop Board Mill Pension Scheme completes £23m buy-in with Aviva
3rd February 2025
The Colthrop Board Mill Pension Scheme has completed a £23 million buy-in with Aviva, securing the benefits of 69 deferred members and 152 pensioners. First Actuarial led the transaction, working closely with Aviva and legal adviser, Osborne Clarke to complete. First Actuarial provided actuarial, investment and administration services. Aviva provided an attractive ... Read the full article
Aviva and Direct Line reach preliminary agreement on takeover deal
6th December 2024
Aviva and Direct Line have announced that they have reached a preliminary agreement on the financial terms of a potential acquisition of Direct Line's entire share capital by Aviva. This newly agreed deal represents a total consideration valued at 275 pence per Direct Line share (£3.6bn), an increase from the 250 ... Read the full article
Potential acquisition of Direct Line by Aviva a credit positive for both groups: Moody’s
2nd December 2024
Analysts at Moody's Ratings have suggested that the potential acquisition of Direct Line by Aviva could bring credit positive benefits to both firms. Late last month, Direct Line rejected Aviva’s £3.28 billion 100% acquisition proposal, stating that it does not adequately reflect the company's standalone value, describing the offer as ... Read the full article
Direct Line rejects ‘highly opportunistic’ £3.28bn takeover bid from Aviva
28th November 2024
Direct Line has unanimously rejected Aviva's £3.28 billion ($4.16 billion) 100% acquisition proposal, stating that it does not adequately reflect the firm's standalone value, describing the offer as "highly opportunistic" and not in line with its long-term potential. In a recent announcement, Aviva confirmed that it made a 250-pence-per-share offer on ... Read the full article
Aviva completes £1.7bn buy-in with National Grid pension scheme
27th November 2024
Aviva has completed a £1.7 billion pensioner buy-in with the National Grid Electricity Group (the Group) of the Electricity Supply Pension Scheme (the Scheme). Aviva stated that the transaction, completed in October 2024, involved transferring the Group's existing longevity swap with Zurich Assurance Ltd and provides insurance for the benefits of ... Read the full article
Aviva reports GI premium growth of 15% for 9M’24
14th November 2024
British insurer Aviva has reported general insurance (GI) premium growth of 15% to £9.1 billion for the first nine months of 2024 compared to £8 billion in the same period last year. Country-wise, UK&I GI premiums grew by 18% to £5.7 billion in 9M’24, up from 9M’23's £4.9 billion, with 25% ... Read the full article
Probitas expands with five new business lines after Aviva integration
13th November 2024
Probitas has announced the addition of five new lines of business following its integration with Aviva, including Marine (Cargo, Fine Art & Specie, Ports & Terminals), Construction, Renewable Energy, Contingency/Event Cancellation, and Mergers & Acquisitions (M&A). Aviva completed its £249 million acquisition of Probitas in July 2024, marking its entry ... Read the full article
Aviva completes £1.3bn buy-in with RAC Pension Scheme, integrates existing longevity swap
29th October 2024
Aviva has completed a £1.3 billion bulk purchase annuity full buy-in with The RAC (2003) Pension Scheme, securing the benefits for all c19,000 members. According to the firm, features of the deal included a novation of the scheme’s existing longevity swap and the transfer of illiquid assets. Andy Morley, Senior Deal Manager ... Read the full article
Rokstone agrees new deal with Aviva for its D&F property portfolio
23rd October 2024
Rokstone, an international speciality re/insurance MGA part of the Aventum Group, has announced a three year binding authority agreement with Aviva for its Direct & Facultative (D&F) property portfolio. According to Rokstone, the facility will enable it to write global property D&F business up to $2 million per risk, with the ... Read the full article
García-Beltrán to lead underwriting for Aviva and Nirvana new European cyber insurance binder
4th September 2024
Insurance and financial services company Aviva and Nirvana, a media, tech and cyber Managing General Agent (MGA) have announced a new partnership and European cyber insurance binder. Through the multiyear agreement, Nirvana will have the authority to underwrite cyber risk on behalf of Aviva within the European Economic Area. Clients will benefit ... Read the full article
Aviva could face $11m penalty for alleged tax evasion in India
4th September 2024
An Indian tax agency has discovered that British insurer Aviva violated local regulations capping commissions to sales agents by using fake invoices and clandestine cash payments between 2017 and 2023. According to a tax notice issued in early August, Aviva’s India unit paid approximately $26 million to entities that falsely claimed ... Read the full article
Aviva’s group operating profit hits £875m in H1 as GI premiums expand 15%
14th August 2024
Aviva has revealed that its group operating profit was £875 million in H1 of 2024, up 14% from the £765 million recorded in H1 of 2023. Meanwhile, Aviva's General Insurance premiums grew 15% in H1 to £6 billion, with UK&I up 18% and Canada up 10%. Strong pricing discipline and new business ... Read the full article
Aviva and Greggs Pension Scheme finalise £100 million buy-in
30th July 2024
Greggs plc Pension Trustees Limited, the Trustee of the Greggs plc 1978 Retirement and Death Benefit Scheme, has completed a £100 million bulk annuity agreement with Aviva, an insurance and financial services provider, which covers most of the Scheme’s liabilities. To support this buy-in and improve the long-term security of member ... Read the full article
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