Aviva is a leading insurance provider based in London, UK. Aviva was founded in the 18th century, and it is one of the oldest insurance companies in Europe. In addition to providing traditional insurance products, Aviva also offers financial solutions. It has a large customer base, which includes both high-net worth individuals and businesses. Aviva wants to expand its customer base and this has led to its interest in acquiring a unit of the London-based insurance provider, Azur Underwriting. It is the second largest provider of financial services in London. Azur Underwriting has two business units: Life Assurance and Private Client.
The acquisition will give Aviva access to over 500,000 customers. This is a huge amount of potential clients. It will allow Aviva to broaden its offerings to include life insurance for high-net-worth individuals and high-net-worth clients. Aviva currently covers its customers through its insurance products, but it is looking to expand into other sectors as well. The acquisition will give Aviva access to a wide range of customers. It will also increase the value of Aviva’s products and services. Aviva already sells insurance to high-net-worth individuals through the Life Assurance product. Now it will be able to offer life insurance as well.
The deal means that the insurer has agreed to take over Azur’s High Net Worth and Asset Management businesses. Azur was established by the late Gerald Bullock, the father of former Conservative Party MP and foreign secretary, Sir Antony. The deal is subject to the approval of the Competition Commission. It was reported earlier this year that the insurer was in talks with Lloyds Banking Group over buying out the Lloyds Direct business.
SBI Life Insurance Company Limited (SBI Life), the life insurance subsidiary of State Bank of India (SBI) has been appointed as the new insurer for the Health Plus Senior Health Plan (HPSHP). In November last year, the insurer had withdrawn the HPSHP plan due to low enrolment. The insurer had stopped new enrolments for this plan and had informed its members that the existing policy would be discontinued as of January 2014.
But now, SBI Life will continue to offer the plan to members and will make all required modifications in the policies. This comes after SBI Life received approval from the Insurance Regulatory and Development Authority of India (IRDAI) to operate health insurance plans.
Aviva announced that it has signed an agreement to take over Azur’s underwriting unit for individuals, family offices, and businesses. The acquisition is expected to be completed by the end of April 2014. Azur Underwriting Ltd was launched in 2002 and is headed by CEO, David Green, who will continue to lead the business as part of Aviva.
In the last year, the firm has increased its sales revenues by more than 50 per cent. In 2012, the company had revenues of £100 million. The firm currently operates from four branches in London, Reading, York, and Hertfordshire. Azur has been providing cover for high net worth customers since 2002.
The company also offers annuities, mortgages, and life assurance products. Aviva says that the new business will offer its clients a “highly personalised and bespoke service”. Aviva currently offers around 25 million policies to its customers and has more than 1,000 staff members. Aviva is the leading provider of life insurance and pensions services in the UK. The firm also has about $100 billion in assets under management.
The firm offers a range of products including life insurance, income protection, annuities, savings, pensions, mortgages and investment advice. Aviva is the only major insurer to offer financial advice and mortgages.
