"This acquisition gives us an unrivaled position, enabling us to provide a specialist service to those customers with very high value homes and possessions."
- Adam Winslow, Aviva UK & Ireland General Insurance chief executive
Prior to this acquisition, Aviva Private Clients business has grown significantly during the past year with the successful transfer of the AXA XL Private Clients team and business, said Aviva. The acquisition of Azur Underwriting Ltd. will provide an opportunity to further strengthen Aviva’s presence in a profitable and growing market.
Under the agreement, Azur’s team will transfer to Aviva and will manage the run-off of the existing Azur underwriting book. All new business following the completion of the deal will now be under Aviva, as part of the Aviva Private Clients business.
Commenting on the acquisition, Adam Winslow, Aviva UK & Ireland General Insurance chief executive has 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 to 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.”
Financial details of the transaction, which will be funded by Aviva Insurance Ltd, have not been disclosed.
