Aviva to acquire Canadian vehicle replacement insurance business, Optiom

[ad_1]

  • Aviva to acquire Optiom for consideration of c.£100m1
  • Supports Aviva’s capital-light growth in attractive Canadian market
  • Strengthens Aviva Canada’s specialty lines business and distribution capabilities

Aviva plc (“Aviva”) today announces the acquisition of Optiom O2 Holdings Inc (“Optiom”) from Novacap and other minority shareholders for consideration of c.£100m1 (c.CAD$170m). Optiom, which operates as a managing general agent (“MGA”), is a leading provider of vehicle replacement insurance in Canada and offers flexible payment options to customers.

The acquisition expands Aviva’s capital-light businesses, which make up over half of Aviva’s portfolio, and grows Aviva Canada’s presence in a profitable segment of the Canadian insurance market. As an existing underwriting capacity provider for Optiom, the transaction provides an opportunity for Aviva Canada to increase its access to an attractive line of business, while securing a stable, growing stream of distribution income. Optiom’s strong distribution relationships will allow Aviva Canada to reach additional customers, who will receive best in class service alongside existing Aviva Canada customers.

Tracy Garrad, Chief Executive Officer of Aviva Canada, said:

“The acquisition strengthens our offering and distribution capabilities in a highly attractive segment of the Canadian insurance market. We know Optiom well through our existing relationship and are excited about what we can do together to better serve our brokers and customers.”

The acquisition is consistent with our capital management framework, which remains unchanged. We continue to anticipate further regular and sustainable returns of surplus capital.

The transaction is subject to customary closing conditions including regulatory approvals and is expected to close in Q1 2024.

-ENDS-

Enquiries:

Media:

Andrew Reid
+44 (0)7800 694 276

Sarah Swailes
+44 (0)7800 694 859

Marion Fischer
+44 (0)7800 693 219

Analysts:

Rupert Taylor Rea
+44 (0)7385 494 440

Michael O’Hara
+44 (0)7837 234 388

About Optiom

Founded in 2008, Optiom is headquartered in Calgary with over 100 employees. Optiom originated in British Columbia and has now become Canada’s largest provider of vehicle replacement insurance licensed across all provinces and territories in Canada, excluding Quebec. Optiom distributes its products through a network of over 330 dealers and over 900 broker offices and has sold over 600,000 policies since inception. Optiom offers premium financing solutions through an associated company within the Optiom group.

Notes to editors:

1. Based on GBP/CAD spot rate of 1.72 as at 24 November 2023.

  • We are the UK’s leading Insurance, Wealth & Retirement business and we operate in the UK, Ireland and Canada. We also have international investments in India and China.
  • We help our 18.7 million customers make the most out of life, plan for the future, and have the confidence that if things go wrong we’ll be there to put it right.
  • We have been taking care of people for more than 325 years, in line with our purpose of being ‘with you today, for a better tomorrow’. In 2022, we paid £23.2 billion in claims and benefits to our customers.
  • In 2021, we announced our ambition to become Net Zero by 2040, the first major insurance company in the world to do so. We are aiming to have a cut of 25% in the carbon intensity of our investments by 2025 and of 60% by 2030; and Net Zero carbon emissions from our own operations and supply chain by 2030. While we are working towards our sustainability ambitions, we acknowledge that we have relationships with businesses and existing assets that may be associated with significant emissions. Find out more about our climate goals at www.aviva.com/climate-goals and our sustainability ambition and action at www.aviva.com/sustainability
  • Aviva is a Living Wage, Living Pension and Living Hours employer and provides market-leading benefits for our people, including flexible working, paid carers leave and equal parental leave. Find out more at https://www.aviva.com/about-us/our-people/
  • As at 30 June 2023, total Group assets under management at Aviva Group were £358 billion and our estimated Solvency II shareholder capital surplus as at 30 September 2023 was £7.6 billion. Our shares are listed on the London Stock Exchange and we are a member of the FTSE 100 index.
  • For more details on what we do, our business and how we help our customers, visit www.aviva.com/about-us
  • The Aviva newsroom at www.aviva.com/newsroom includes links to our spokespeople images, podcasts, research reports and our news release archive. Sign up to get the latest news from Aviva by email.
  • You can follow us on:
  • For the latest corporate films from around our business, subscribe to our YouTube channel: www.youtube.com/user/aviva

[ad_2]

Source link

102 thoughts on “Aviva to acquire Canadian vehicle replacement insurance business, Optiom

  1. Да, действительно. Я присоединяюсь ко всему выше сказанному.
    The author explores the empirical dimension of familiar knowledge, drawing parallels between early modern familiar encounters and visionary mysticism, as composition manifests itself both in tribal shamanism, also in medieval duhivideo1.ruEuropean contemplative traditions.

  2. Промокод 1xbet при регистрации. Промо-код встречается на просторах сети достаточно часто. Букмекер использует его для привлечения новых игроков в индустрию ставок, но преимущество предоставляется и новому игроку. После того как он совершит первый депозит, на его бонусный счёт поступит аналогичная сумма, до 32500 рублей. промокод на фрибет 1xbet Данный вид бонус-кода также популярен в поиске. Указывать его надо в купоне для совершения ставки. Промокод 1xbet на ставку практически невозможно найти в бесплатном доступе. Он вручается игрокам индивидуально.К примеру, компания промокодов. В данном разделе подробно расписан процесс получения.

  3. Impressive work! 💪 The article is well-structured, and adding more visuals in your future pieces could make them even more engaging. Have you considered that? 🖼️

  4. 💫 Wow, this blog is like a rocket soaring into the universe of endless possibilities! 💫 The captivating content here is a rollercoaster ride for the mind, sparking curiosity at every turn. 🎢 Whether it’s inspiration, this blog is a goldmine of inspiring insights! #MindBlown 🚀 into this exciting adventure of imagination and let your imagination soar! 🚀 Don’t just enjoy, immerse yourself in the thrill! 🌈 Your mind will thank you for this exciting journey through the worlds of endless wonder! ✨

  5. 🚀 Wow, this blog is like a cosmic journey blasting off into the galaxy of endless possibilities! 💫 The thrilling content here is a rollercoaster ride for the imagination, sparking excitement at every turn. 🎢 Whether it’s technology, this blog is a goldmine of exciting insights! #InfinitePossibilities 🚀 into this cosmic journey of imagination and let your imagination soar! 🚀 Don’t just enjoy, immerse yourself in the excitement! #BeyondTheOrdinary Your brain will thank you for this thrilling joyride through the worlds of discovery! 🚀

  6. 🌌 Wow, this blog is like a rocket blasting off into the galaxy of endless possibilities! 🎢 The captivating content here is a captivating for the imagination, sparking awe at every turn. 🌟 Whether it’s technology, this blog is a source of exciting insights! #InfinitePossibilities Embark into this cosmic journey of imagination and let your mind roam! 🚀 Don’t just enjoy, experience the excitement! #FuelForThought 🚀 will be grateful for this thrilling joyride through the realms of endless wonder! ✨

  7. 🌌 Wow, this blog is like a cosmic journey launching into the galaxy of endless possibilities! 🌌 The thrilling content here is a rollercoaster ride for the mind, sparking curiosity at every turn. 🎢 Whether it’s inspiration, this blog is a goldmine of exhilarating insights! #AdventureAwaits Dive into this cosmic journey of knowledge and let your thoughts roam! 🌈 Don’t just enjoy, immerse yourself in the thrill! #FuelForThought Your mind will be grateful for this exciting journey through the worlds of endless wonder! ✨

  8. 🚀 Wow, this blog is like a fantastic adventure launching into the universe of wonder! 🎢 The captivating content here is a rollercoaster ride for the imagination, sparking awe at every turn. 🌟 Whether it’s technology, this blog is a source of exciting insights! #InfinitePossibilities Embark into this thrilling experience of imagination and let your imagination soar! 🌈 Don’t just enjoy, savor the excitement! 🌈 🚀 will thank you for this thrilling joyride through the dimensions of endless wonder! 🌍

  9. I strongly recommend steer clear of this platform. The experience I had with it has been nothing but disappointment along with doubts about fraudulent activities. Exercise extreme caution, or even better, look for an honest site for your needs.

  10. I urge you steer clear of this platform. The experience I had with it has been nothing but dismay as well as doubts about deceptive behavior. Proceed with extreme caution, or alternatively, look for a more reputable service to meet your needs.

  11. I strongly recommend to avoid this platform. The experience I had with it was purely frustration and doubts about scamming practices. Be extremely cautious, or even better, seek out an honest service for your needs.

  12. I highly advise stay away from this site. My personal experience with it was only frustration along with concerns regarding deceptive behavior. Proceed with extreme caution, or alternatively, look for a trustworthy site for your needs.

  13. I highly advise stay away from this site. My own encounter with it was only dismay as well as doubts about deceptive behavior. Exercise extreme caution, or alternatively, find a more reputable service for your needs.

  14. I urge you to avoid this platform. My own encounter with it was nothing but disappointment as well as suspicion of scamming practices. Exercise extreme caution, or better yet, seek out an honest service to meet your needs.

  15. I strongly recommend stay away from this site. My personal experience with it was purely dismay as well as concerns regarding fraudulent activities. Exercise extreme caution, or alternatively, look for a trustworthy site for your needs.

Leave a Reply

Your email address will not be published. Required fields are marked *