Aviva News

UK’s Aviva to Buy Royal Bank of Canada Unit for North America Expansion

Aviva Plc, the U.K.’s second-biggest insurer by market value, agreed to buy a home and auto insurer from Royal Bank of Canada for C$582 million ($402 million) to expand in North America. The purchase will increase Aviva’s policy sales in …

Aviva Canada Aims to Offer Ride-Sharing Insurance, with Uber Drivers in Mind

Aviva Canada aims to offer ride-sharing insurance to Ontario drivers who use their own vehicles to carry paying passengers starting next month, a service that could solve a major headache for ride-hailing company Uber Technologies Inc. The Canadian subsidiary of Aviva plc …

Storm Frank Batters North Britain; Total Storm Losses Could Top $4.5 Billion

Torrential rain and gale force winds battered northern Britain on Wednesday, cutting power to thousands of homes and forcing some to evacuate flooded streets in the third major storm in a month. The Environment Agency said Britain had faced an …

Update: U.K. Insurers Face Flood Claims up to $2.2B – with More Storms Ahead

Insurers are facing some of the costliest British floods on record as large parts of northern England, already inundated, brace for more heavy rain. Accountants estimate that insurers are currently facing a bill of up to 1.5 billion pounds ($2.22 …

Group of UK Insurers Win BOE Approval for Solvency II Capital Requirements

Prudential Plc, Aviva Plc and Legal & General Group Plc are among large U.K. insurers to win Bank of England approval of the models they use to calculate capital requirements under the European Union law known as Solvency II. The …

Large British Insurers Get Major Exemption from Proposed EU Audit Rules

Britain’s biggest insurers will be exempt from having their most important indicator of financial health externally audited under proposals issued by the Bank of England on Friday. New European Union rules will require British-based insurance firms from January to meet …

Inclusion on List of Too-Big-to-Fail Insurers May Alter Business Strategy: Fitch

A change to the list of globally systemically important insurers (G-SIIs) suggests the potential for being added to or removed from the list could play a significant role in setting strategy for some major insurers, according to Fitch Ratings. The …

Aegon, Transamerica’s Owner, Added to FSB’s List of 9 Too-Big-to-Fail Insurers

Aegon NV, the Dutch owner of U.S. insurer Transamerica Corp., has been added to a list of insurers deemed systemically important by global financial rule makers, while Italy’s Assicurazioni Generali SpA was removed. The updated list of nine too-big-to-fail insurers was published …

Aviva CEO: Jump in New Business Will Allay Fears About Friends Life Acquisition

Aviva Plc Chief Executive Officer Mark Wilson said a 25 percent jump in new business in the first nine months of the year should allay concerns that his 5.6 billion- pound ($8.6 billion) acquisition of Friends Life Group Ltd. was a …

Insurers Unprepared for Costs of Climate Change, Warns UN Climate Diplomat

Insurers are unprepared for the costs of climate change, the top United Nations climate diplomat said as world leaders make final preparations for a deal on global warming. The agreement, which the UN expects to seal in Paris in December, …