British insurance giant Aviva has today confirmed its acquisition of the specialist MGA Azur Underwriting, in a deal that will see it acquire Azur’s high-net-worth personal lines business in the UK and Ireland. The transaction will be funded by Aviva Insurance Ltd.
In a Press release, Aviva noted that the deal supports its ambition to become the market leader in high-net-worth personal lines and builds on its existing distribution relationships to create an “unrivalled proposition and efficient service” to brokers in the high-net-worth market.
Aviva’s private clients business has grown strongly in the last year with the successful transfer of AXA XL’s private clients’ team and business. Aviva highlights that its acquisition of Azur will provide a further opportunity to strengthen its presence in this fast-evolving market.
Under the terms of the deal, Azur’s team will transfer to Aviva under TUPE terms and will manage the run-off of the existing Azur Underwriting book. Meanwhile, new business written after completion of the deal will be under the Aviva brand, as part of the Aviva private clients business.
Commenting on the transaction, Adam Winslow, CEO, Aviva UK & Ireland, general insurance, said the team was delighted to confirm the binding agreement with Azur. Once completed, it will confirm Aviva’s place as the market leader in the UK and Ireland private clients market, he said, in line with the insurer’s stated ambition.
“In agreeing the transaction with Azur, we are bringing together a formidable team of experts from within Aviva as well as Azur,” he said. “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.”