Reinsurance News


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

Aviva facing class action from Canadian hotel chains as BI tensions mount

28th July 2020

Global insurer Aviva is facing a class action lawsuit in Canada as a number of hotel groups look to enforce insurance policies covering business interruption or loss of income. Several hotel chains are affected, including Best Western, Home 2 by Hilton and Hampton Inn. This action applies to all hotels who were insured ... Read the full article

Amanda Blanc takes over from Maurice Tulloch as Aviva CEO

6th July 2020

Global insurer Aviva plc has announced the appointment of Amanda Blanc as its new Chief Executive Officer (CEO), effective immediately, as Maurice Tulloch steps down from the role and his position on the company's Board for family health reasons. Currently, Blanc serves as an Independent Non-Executive Director at Aviva having Read the full article

Aviva estimates £160mn of COVID-19 claims across GI businesses

21st May 2020

London headquartered insurer Aviva has announced estimated COVID-19 related losses of £160 million, net of reinsurance, in its General Insurance businesses based on claims in business interruption, other commercial lines, and travel insurance. In its Q1 operating update, insurer Aviva has reported a strong start to the year, but also warned ... Read the full article

Aviva names George Culmer as Chairman

19th May 2020

UK insurer Aviva has announced the appointment of George Culmer as Non-Executive Chairman with effect from May 27, 2020, following the Aviva annual general meeting. He will succeed Adrian Montague, who is set to retire from the Board on May 31. Culmer is currently Aviva’s Senior Independent Non-Executive Director, having assumed this ... Read the full article

Aviva in £350m bulk annuity deal with Co-operative Pension Scheme

14th May 2020

UK insurer Aviva has completed a £350 million bulk purchase annuity buy-in transaction with the Trustee of the Co-operative Pension Scheme. The deal was completed using a pre-agreed ‘umbrella contract’ designed to support a quick and efficient process and is the second deal of this type between the two parties. Aviva will ... Read the full article

UK insurers suspend dividends due to COVID-19

8th April 2020

UK insurers RSA, Aviva and Direct Line have today announced that they will suspend their final dividend payment of 2019 due to the challenges presented by the coronavirus (COVID-19) pandemic. The news comes after Hiscox decided earlier today to suspend dividends and withdraw all its financial guidance and targets for ... Read the full article

Aviva Chairman Adrian Montague to retire in 2020

22nd January 2020

UK insurer Aviva has announced that its Chairman, Sir Adrian Montague, is set to retire from his position later this year after five years in the role. Montague informed the Board of Aviva that he would depart the company once a successor had been appointed. He has served as Chairman since April ... Read the full article

Aviva’s asset management arm appointed to the ICMIF

17th December 2019

The International Cooperative and Mutual Insurance Federation (ICMIF) has approved Aviva Investors, the global asset management arm of Aviva plc, as a member of the representative body. Specifically, Aviva Investors will become a 'Supporting Member', which sees it join a list of five other companies from around the world. As a ... Read the full article

Amanda Blanc joins Aviva as independent non-exec director

5th December 2019

UK insurer Aviva has announced the appointment of Amanda Blanc as an independent non-executive director. Blanc, who is due to step into the role on 2 January 2020, previously served as Chief Executive Officer at AXA UK & Ireland and CEO, EMEA & Global Banking Partnerships at Zurich Insurance Group. She has ... Read the full article