Aviva has signed 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.
The acquisition supports Aviva’s ambition to become the market leader in high-net-worth personal lines. It builds on Aviva’s strong existing distribution relationships, creating 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 acquisition provides an opportunity to further strengthen Aviva’s presence in a fast evolving, profitable and growing market.
Under the agreement, Azur’s expert team will transfer to Aviva under TUPE terms 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.
The transaction will be funded by Aviva Insurance Limited.
Adam Winslow, CEO, Aviva UK & Ireland General Insurance, said: “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.
“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.
“This acquisition gives us an unrivalled position, enabling us to provide a specialist service to those customers with very high value homes and possessions.”
Notes to editors:
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