Reinsurance News
Aviva
Aviva increases general insurance premiums by 16% to £2.7bn in strong Q1
23rd May 2024
In their results for the first quarter of 2024, Aviva has posted general insurance premiums of £2.7 billion, representing an increase of 16% from the prior year quarter. Growth was heavily driven by both the UK & Ireland and Canada, with strong rates, new business, and customer retention. UK general insurance premiums ... Read the full article
Direct Line Group hires Aviva’s Poole as Group CFO
10th April 2024
Direct Line Group has hired Aviva's Jane Poole as Group Chief Financial Officer (CFO), subject to regulatory approval. In an announcement made by the company, it was revealed that Poole will join the Board in October 2024, succeeding Neil Manser who has been in post since January 2021. Currently, Poole serves as ... Read the full article
Corebridge Financial completes AIG Life UK sale to Aviva
9th April 2024
Corebridge Financial, a quoted subsidiary of American International Group, Inc (AIG) has completed the sale of its UK life insurance business, operating as AIG Life Limited (AIG Life UK), to Aviva for £453 million. The sale was previously announced in September 2023. According to Aviva, the transaction was funded through ... Read the full article
Aviva sees profit growth in 2023 financial results
7th March 2024
Aviva has released its 2023 Financial results, reporting a 9% growth in operating profit, to £1,467 million, and general insurance operating profit of £851 million, a 35% increase compared to the year prior. According to the insurer, the results from the firm’s General Insurance businesses in the UK, Ireland and Canada ... Read the full article
Aviva & Howden team up to insure solar subscription service start-up
4th March 2024
Aviva, an insurance and financial services company, has partnered up with Howden to provide bespoke insurance to Sunsave, a start-up which offers homeowners solar panels on a subscription service. From what we understand, the insurer and broker worked together with Sunsave to create a bespoke construction and operation cover policy for ... Read the full article
Aviva to acquire Probitas for £242m
4th March 2024
UK-domiciled insurer Aviva Plc will acquire 100% of Probitas Holdings (Bermuda) Limited, the ultimate holding company of the Probitas Group, for a minimum fixed consideration of £242 million, marking the firm's entry into the Lloyd's market. The transaction includes the acquisition of Probitas’s fully integrated Lloyd’s platform, encompassing its Corporate Member, ... Read the full article
Aviva and TCS expand partnership to “transform” UK Life customer experience
7th February 2024
Tata Consultancy Services (TCS) has expanded its Aviva partnership with a new 15-year agreement to transform the insurer’s UK Life business and enhance customer experience leveraging the TCS BaNCSTM based platform. The partnership is to serve over 5.5 million Life and Pensions policies further enhancing TCS’ growth momentum in the UK According ... Read the full article
Aviva highlights flood risks in recent UK housing developments
26th January 2024
A recent analysis by Aviva, the UK's largest home insurer, has unveiled concerning findings regarding the vulnerability of new homes in England to flooding. The study reveals that 8% of new homes built in the last decade, equivalent to nearly 110,000 properties, are located in flood-prone areas, specifically in national flood ... Read the full article
Aviva completes £140m bulk annuity deal with Guilbert UK Retirement Benefits Plan
17th January 2024
Aviva has announced the completion of a £140 million bulk purchase annuity full scheme buy-in transaction with the Trustee of the Guilbert UK Retirement Benefits Plan. Aviva has insured the Plan liabilities for around 1,500 members, removing the investment and longevity risk of these members from the Plan. The firm said that ... Read the full article
Aviva expects £80m additional proceeds from Singlife joint venture exit
28th December 2023
Aviva plc, an insurance and financial services company, anticipates an additional £80 million (SGD 0.1 billion) in proceeds from the impending exit of its joint venture, Singlife, with Sumitomo Life Insurance Company. The added funds result from a separate transaction where Sumitomo Life will acquire TPG's equity stake in Singlife. The total ... Read the full article
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
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