The insurer has sold eight international businesses as part of its divestment strategy
Insurer Aviva is preparing to launch its own Lloyd’s of London syndicate.
An Aviva spokesperson told Insurance Times: “We keep all elements of our strategy under active review, which always includes considering those products and distribution channels we are not currently in.”
The insurer has been undertaking a restructuring exercise at a group level, dismantling parts of its international operations under the leadership of group chief executive Amanda Blanc.
In total, Aviva has sold eight international businesses during Blanc’s reign for £7.5bn - the insurer is now focused on the UK, Ireland and Canada markets only.
For example, Aviva completed the sale of its French business in February 2021 for £2.8bn as well as sold its Italian general insurance arm for £284m this October. The sale of Aviva’s Poland, Italian life and Vietnam operations are expected to be completed by the end of the year.
Some industry commentators believe a Lloyd’s syndicate could give the insurer additional options when licensing to support the growth of its specialty business.
Fulfilling a global ambition
Currently, Aviva Global Corporate Solutions is run by Nick Major. The business reported growth of 19% in the first half of this year.
It writes property, marine, liability, construction and renewable energy insurance.
Earlier this month, when Aviva released its half year results, Blanc added: “We continue to make excellent and rapid strategic progress right across Aviva.”
In 2011, the insurer considered a return to Lloyd’s as part of its efforts to build out its corporate specialty unit.
No comments yet