Aviva enters exclusive discussions with High Net Worth specialist MGA Azur
Aviva has entered into exclusive negotiations with the specialist managing general agent Azur Underwriting Ltd to acquire its High-Net-Worth personal lines business in the UK and Ireland and transfer its expert team to Aviva under TUPE terms.
The acquisition supports Aviva’s ambition to become the market leader in the High-Net-Worth personal lines market. On completion, the acquisition will build on Aviva’s strong existing distribution relationships, enabling the insurer to deliver an unrivalled proposition and efficient service to brokers in the High-Net-Worth market.
The Aviva Private Clients business has grown significantly during the past year with the successful transfer of the AXA XL Private Clients team and business. The Azur team and its innovative digital platform provides an opportunity to further strengthen Aviva’s presence in a fast evolving, growth market.
The transaction would be funded by Aviva Insurance Limited with no impact to planned cash remittances.
Adam Winslow, CEO, Aviva UK & Ireland General Insurance, said:
“Our ambition is to be the number one insurer in the High-Net-Worth market, where we know there is strong demand for specialist insurance from customers with valuable properties and possessions. We have already shown our commitment with the successful AXA XL Private Clients transfer and are excited by the opportunity to combine these capabilities with those of Azur. The Azur team has proven experience in providing a trusted service and its digital capabilities complements our business approach. Bringing the two teams together will accelerate our growth plans and I look forward to progressing our discussions.”
We will further update the market on material developments as discussions progress.
About Aviva
Aviva Insurance Limited is one of the UK’s leading insurance companies, part of the Aviva group with 34 million customers Worldwide. Aviva Insurance has been in the insurance business for more than 300 years.
In UK commercial, the insurance market remains challenging for insurance brokers and customers, due to the ongoing economic conditions. Aviva Insurance are focusing on improving our processes to ensure Aviva provide commercial customers with insurance cover at an acceptable price. Insurance brokers also recognised our excellent customer service by voting us Insurance Times General Insurer of the Year in 2012, for the second year running. youTalk-insurance sharing Aviva insurance news and video.