The proposed acquisition would support Aviva’s ambition to become the market leader in HNW personal lines
Aviva has entered negotiations with the specialist managing general agent Azur Underwriting Ltd to buy its high net worth (HNW) personal lines business in the UK and Ireland.
Azur’s expert team would be transferred to Aviva following the purchase under Transfer of Undertakings (Protection of Employment) (Tupe) terms.
A Tupe is when an organisation, or part of it, is transferred from one employer to another, or a service is transferred to a new provider.
The transaction would be funded by Aviva Insurance Limited with no impact on planned cash remittances.
Adam Winslow, chief executive at Aviva UK and 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.”
Accelerate growth plans
On completion, the acquisition would build on Aviva’s existing distribution relationships, enabling the insurer to deliver an “unrivalled proposition” and “efficient” service to brokers in the high net worth market, it said.
Aviva’s private clients business has grown significantly during the past year with the acquisition of the Axa XL Private Clients team and business.
The Azur team and its digital platform would further strengthen Aviva’s presence in a fast evolving, growth market.
Winslow added: ”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.”
Aviva will provide a further update as discussions progress, it explained.