Leading UK insurance provider, Aviva, is to expand its customer portfolio following the acquisition of a unit of the Londo-based insurance company, Azur Underwriting.
According to reports, the acquisition of the unit of Azur Underwriting, which manages wealthy clients is part of Aviva’s aim to become the market leader in this sector. Once the takeover is completed, that unit of Azur Underwriting will fall under the Aviva Private Clients department.
The deal is being funded by Aviva Insurance Limited. But, to date, no further details of the cost of the buy-out have been made public.
Aviva has been growing its Aviva Private Clients business over the last 12 months and has also initiated the takeover of the AXA XL Private Clients team and business.
The insurer is a leading UK provider - and also is an important employer within Norwich, with over a thousand workers at its city centre offices. In 2021, the company also relocated 1,500 of its staff from its offices at Broadland Business Park to its Surrey Street offices.
Azur Underwriting team to stay working with clients
Other details of the deal have been revealed, including the fact that Azur's high-value team will transfer to Aviva and continue to manage their customer requirements Azur Underwriting book.
Speaking about the new deal, Adam Winslow, CEO of Aviva UK & Ireland General Insurance, explained, "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 on 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.”
He continued, "This acquisition gives us an unrivalled position, enabling us to provide a specialist service to those customers with very high-value homes and possessions."