Aviva, now “more open-minded to deploying capital”, is looking at growing its share of the corporate and speciality markets in the UK.
A report by
Reuters said the British insurer plans to offer cyber insurance for small and medium-sized enterprises and also get more involved in company pensions. According to the report, Aviva has been in turnaround mode since chief executive Mark Wilson took over in 2013.
“We are smaller there (corporate and speciality markets) at the moment but it's an area where we are building capability and we are looking to grow,” Andy Briggs, Aviva’s chief executive for UK insurance, told
Reuters.
Aviva already has a small presence in the cyber market and also provides commercial motor, commercial property, and employer's liability insurance but does not offer insurance in specialist sectors such as marine, energy, or aviation.
As for company pensions, the insurer said it is moving into mid-sized deals. “In the bulk annuity market, Aviva has started quoting on deals up to £1 billion, ratcheting up from its previous focus on sub-£250 million deals,” noted the report.
It added, “The only listed British insurer with a large presence in life insurance, general motor and home insurance, Briggs said the firm’s healthy balance sheet meant it could now grow its share of the corporate and speciality markets.”
Currently Aviva has no more than a 5% share of the corporate and speciality risk market in the UK.
In 2016 Aviva made a £3 billion operating profit.
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