Nov 23, 2020

Aviva to sell its share of Aviva Vita to UBI Banca for €400m

Aviva
UBI Banca
Inigo
William Girling
2 min
UK-based multinational insurer Aviva has announced that it will sell its 80% share of Aviva Vita to Italian banking group UBI Banca for €400m
UK-based multinational insurer Aviva has announced that it will sell its 80% share of Aviva Vita to Italian banking group UBI Banca for €400m...

UK-based multinational insurer Aviva has announced that it will sell its 80% share of Aviva Vita to Italian banking group UBI Banca for €400m.

Aviva Vita, which is Aviva’s Italian life insurance venture in collaboration with UBI Banca, was founded in 1987 and currently has assets of £16.3bn. The transaction itself is projected to strengthen the parent company’s central liquidity and increase its net asset value. 

Fundamentally, customers of Aviva Vita will be able to deal with the company in precisely the same manner as before, with no adverse impact on policies. 

“Our strategy is about focus and delivery. The sale of Aviva Vita is another important step forward as we reshape our portfolio and follows the recent announcement of the majority sale of our Singaporean business. We will continue to be decisive as we seek to transform Aviva for the benefit of our shareholders,” said Amanda Blanc, CEO of Aviva.

Global insurance continues to evolve

This news is the latest development in what appears to be an ongoing transformation for incumbent insurance firms.

In addition to the high-profile purchases of RSA Insurance and Miller in recent weeks, early reports of three ex-Hiscox executives (Richard Watson, Russell Merrett and Stuart Bridges) forming a new insurance venture at Lloyd’s with $800m in backing have emerged.

The project, called Inigo, will be based in London and is billed as a “brand new speciality insurance and reinsurance company” on the site’s landing page. Other details have yet to be added.

Commenting in the Evening Standard, Watson outlined the reasons for selecting the city of the island of Bermuda, which would have also provided considerable investment opportunities:

“Inigo has chosen London as its principal base since it regards the overall insurance ecosystem offered by Lloyd’s as exceptionally attractive and believes it will best support the growth and development of the new syndicate.”

Share article

Jun 16, 2021

Tribe and APOLLO announce national insurance campaign

Tribe
Apollo
campaign
Insurance
2 min
Tribe Property Technologies and APOLLO Insurance have launched a campaign to digitise insurance access across Canada

Tribe Property Technologies in partnership with APOLLO insurance has announced a national insurance campaign to digitise insurance for condominium owners, renters, landlords, and developers across Canada. The aim of the campaign is to make insurance access easier and faster for owners while improving the coverage and protection of condominiums and rental buildings.

According to several surveys, nearly half of 4.5mn rented houses in Canada do not have tenant insurance protection, meaning those individuals and their families are put at risk of fire and water damage. 

What does the national insurance campaign include? 

According to Tribe, the company is working with APOLLO to ensure that this type of insurance is easier to access. It aims to achieve this by introducing a direct connection to APOLLO's insurance technology from both Tribe's strata and condo management platform and rental software to allow for increased education and awareness for owners into insurance risks and options. 

It also includes the future ability for notifications for mid-term cancellations, and plans to offer protection from potential strata/condo corporation deductibles, Tribe said. 

"We are excited to partner with APOLLO to bring accessibility, visibility, and education around insurance options to our communities and reflect the current lifestyle expectations of condo owners and residents while protecting the value of their biggest assets", said Joseph Nakhla, Chief Executive Officer of Tribe. 

Nakhla added: “This agreement with APOLLO is just the first step under our Digital Services & Partnerships revenue pillar. We will continue to layer on services to drive revenue for Tribe, and bring convenience and savings for our users, with the goal of being able to offer a one-stop-shop to our development partners and the over 100,000 residents in Tribe-managed communities”.

APOLLO uses technology as a channel between insurance brokers, carriers, and their mutual clients, offering insurance options from multiple companies on one integrated online platform.

"We like that Tribe is taking a fresh approach to condo living and building smart homes through tech-enabled service, and an integration with their Community Platform supports our goals of making insurance more accessible and supporting the needs of communities”, said Jeff McCann, Chief Executive Officer of Apollo.

 

Share article