UK Insurer Aviva Builds Private Client Business With Azur Acquisition

UK Insurer Aviva has agreed to sign a binding agreement with the specialist managing general agent Azur Underwriting Ltd., to acquire its high-net-worth personal lines business in the UK and Ireland.

Financial details of the transaction, which will be funded by Aviva Insurance Ltd, were not disclosed.

The acquisition supports Aviva’s ambition to become the market leader in high-net-worth personal lines. 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, said Aviva, noting that the Azur acquisition provides an opportunity to further strengthen Aviva’s presence in a profitable and growing market.

Under the agreement, Azur’s team will transfer to Aviva and will manage the run-off of the existing Azur underwriting book. New business written following completion of the deal will be under the Aviva brand, as part of the Aviva Private Clients business.

“I’m delighted to confirm we have signed a binding agreement with Azur Underwriting. Once completed, it will confirm our place as the market leader in the UK and Ireland private clients market, which is our stated ambition,” commented Adam Winslow, CEO, Aviva UK & Ireland General Insurance.

“In agreeing the transaction with Azur, we are bringing together a formidable team of experts from within Aviva as well as Azur. It builds on the successful transfer of the AXA XL private clients team, which has already extended our reach and capabilities,” he added. “This acquisition gives us an unrivaled position, enabling us to provide a specialist service to those customers with very high value homes and possessions.”

Source: Aviva

Topics Mergers & Acquisitions Carriers