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Aviva’s Strategic Expansion in the Lloyd’s Market
In recent developments, the well-regarded UK insurer, Aviva, has embarked on an intriguing expansion of its Global Corporate & Specialty (GCS) division. This effort introduces two compelling new lines of business: Political Violence and Terrorism (PVT) and Accident and Health. They’re now available through the Lloyd’s market, facilitated by Probitas.
Launch and Motivations Behind the Expansion
Effective from 1 February 2025, Aviva’s strategic move is indicative of its ambition to become a "dual-platform London Market insurer." This aligns with its long-term growth strategy, cementing its commitment to offering comprehensive insurance solutions.
Luke Powis, head of Aviva’s GCS crisis management, articulated, “Introducing this new class of business to the Lloyd’s market, alongside Accident and Health and Contingency, now means the full suite of crisis management products are available to brokers across both Aviva and Lloyds platforms.”
Unveiling the PVT Line
The PVT line is distinct in its offerings under Aviva’s GCS Crisis Management Division. It provides protection against international political violence and terrorism risks. This safeguard extends to civil commotion, riots, strikes, and war, complementing existing offerings on the Lloyd’s market.
Antony Dodson, Chief Underwriting Officer at Probitas Syndicate 1492, expressed his enthusiasm by stating, "We are pleased to begin writing Accident and Health and Political Violence and Terrorism classes through Probitas Syndicate 1492."
Aviva’s Acquisitions and Collaborations
In July 2024, Aviva acquired Probitas, including tenancy rights to Syndicate 1492. This acquisition has played a pivotal role in facilitating its expansion within the Lloyd’s market.
Moreover, last month, Aviva formed a partnership with AutoRek, an automated reconciliation solution provider, enhancing operational efficiency and compliance.
Future Plans and Opportunities
Ahead of 2025, Aviva plans to explore further underwriting opportunities through Probitas. Additionally, its underwriting leads, gifted with dual-stamp capability, will ensure consistency in writing these novel lines of business. This paves the way for global businesses seeking coverage, offering limits of up to £500m ($622.23m) per risk, barring sanctioned territories.
Commitment to Unleashing Untapped Potential
Powis further elaborated on Aviva’s vision, stating, “This not only cements our commitment to providing comprehensive insurance solutions for our brokers and clients but also provides access to previously unavailable markets, unleashing a wealth of untapped opportunities for Aviva’s GCS business.”
Summary of Key Offerings
| Business Line | Coverage | Available Through |
|---|---|---|
| Political Violence and Terrorism | Civil commotion, riots, strikes, war, international exposures | Lloyd’s market via Probitas |
| Accident and Health | Comprehensive health incident coverage | Lloyd’s market via Probitas |
| GCS Crisis Management Products | Full suite including PVT, Accident and Health, and Contingency | Aviva and Lloyd’s platforms |
This expansion showcases Aviva’s ongoing commitment to innovation and service excellence, setting a formidable precedent in the insurance industry.
