Reinsurance News
Aviva
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
Aviva takeover talk unsurprising, but whole acquisition seems unlikely, say analysts
6th October 2023
As news of a potential takeover of large UK insurer Aviva emerged this morning, analysts suggest that while rumours are unsurprising, an acquisition of the whole Group seems unlikely given its position in the UK life sector. After The Times newspaper cited talk of a potential takeover of Aviva, citing Allianz, ... Read the full article
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
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