Aviva
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Plus, the latest people moves and all the top news of the week. -
The carrier started writing construction in Lloyd’s following the acquisition of Probitas.
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The platform aims to “bend the loss curve”.
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The Swiss carrier appointed a new global energy head earlier this week.
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Plus, the latest people moves and all the top news of the week.
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The carrier also reported a slightly improved combined ratio of 94.6%.
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The insurer has substantially expanded its marine team in recent years.
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The leadership transition at the syndicate was announced earlier this year.
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Liberty Mutual, Allianz and Aviva previously had their appeals dismissed.
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The carrier has appointed Roberts Proskovics as renewable energy risk management head.
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The carrier is expanding its appetite for sustainable construction of large commercial buildings.
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CFO Jane Pool will also leave the company as Aviva takes over.
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The £3.7bn deal was announced in December.
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Jim Meakins is the latest in a slew of talent to exit from the syndicate.
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Frustration is growing around a promised independent operating model and staff reward.
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The undiscounted combined operating ratio worsened slightly to 96.6%.
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Aviva and Direct Line struck the landmark deal in December.
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The syndicate reported an undiscounted net combined operating ratio of 77.9%.
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The carrier recently started underwriting construction in Lloyd’s through Probitas.
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Probitas is set to grow by around 40% this year.
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Panellists discussed the softening market, and what would flip the switch on rates.
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Aviva is targeting £125mn of annual savings within three years of the deal.
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This follows a preliminary agreement reached earlier this month.
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Aviva increases its offer to 275p per Direct Line share.
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Analysts suggested Aviva could sweeten its offer for the UK personal-lines carrier.
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The insurer will have until Christmas to make a formal offer or withdraw.
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The carrier can write marine on company and Lloyd’s platforms after the Probitas deal.
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Improved underwriting results thanks to pricing action were offset by nat cat activity in Canada.
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The carrier is set to start underwriting five new lines of business in the Lloyd’s market.
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Simon Theobald joins from AIG where he was senior construction underwriter.
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The executive said that being in Lloyd’s would help the carrier’s global distribution.
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The carrier said the global commercial market was “highly attractive".
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The carrier is aiming to grow its delegated authority business and launch a refreshed captives proposition.
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A round-up of all the news you need today, including an updated forecast for Atlantic hurricane season.
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The carrier made several attempts to acquire the Ash Bathia-led syndicate.
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Richard Belsey has more than 20 years' experience as a corporate lawyer.
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The PVT team will be part of a new crisis management unit under Luke Powis.
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Sophie Hitchcock has covered the role since November 2023.
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New business is arriving, but the captives market is not a priority target.
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The undiscounted combined operating ratio increased slightly to 95.8%.
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Patrick Waters joins from CNA Hardy as underwriting manager for financial institutions.
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Jane Poole’s career includes stints at RSA and PwC.
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The carrier announced a £300mn share-buyback programme.
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Aviva will need to manage the talent base deftly to get the most from the deal.
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Lloyd’s is now an attractive environment for entrepreneurs, the CEO said.
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The carrier has been looking to enter the Lloyd’s market since 2021.
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The carrier has also hired Craig Bedford as specie underwriting manager.
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The group has been exploring options to enter the market since 2021.
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It emerged in November that the carrier’s construction head Daniel Abramson was leaving the business.
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The carrier also signed down some Lloyd’s players due to differential pricing.
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Amanda Blanc was granted the title for services to business, gender equality and net zero.
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Speaking to a Treasury committee, Blanc said she was “inundated” with messages detailing “incredibly sad” stories from women in the insurance industry.
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Clive Bolton, CEO of M&G Life Insurance and Tara Foley, CEO of Axa UK and Ireland were also appointed to the board.
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Backed by Aviva’s underwriting capacity, Optiom provides vehicle replacement insurance in Canada.
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Abramson was hired to head up the construction team at Aviva in July amid a restructuring of its commercial lines business.
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The carrier has made numerous hires across its marine team as part of an international insurance buildout.
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Aviva Global Corporate and Specialty grew gross written premium by 9% over the period.
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Marc Wanless has been with Aviva since 2010 and stepped into his new role on an interim basis in July.
