In 130 million euro deal, Aviva agrees to buy Friends First
Sheetal Sukhija - Wednesday 15th November, 2017
Aviva will become one of the largest composite insurers in Ireland post the deal
It will increase its market share in life insurance to 15 percent
The transaction is in line with the company’s strategy for capital allocation in selected markets
DUBLIN, Ireland - In a deal worth 130 million euro, Aviva Ireland has said that it had acquited Friends First Life Assurance.
The deal, which is still subject to regulatory approval, will make Aviva one of the largest composite insurers in Ireland.
The deal will not only increase its market share in life insurance to 15 percent, alongside its exiting 15 percent market share in general insurance, it is also in line with its strategy for capital allocation in selected markets.
The company is looking at allocating capital in markets where it has scale or competitive advantage, and where it can further expand its range of products across life and general insurance.
Owned by Dutch insurer Achmea Holding NV, Friends First has been operating in Ireland for over 180 years.
The company, which has over 250,000 customers and a market share of 6 percent, focuses on life protection, pension and investment products for individuals and companies.
The transaction is expected to complete in the first quarter of 2018.
Commenting on the deal, John Quinlan, CEO Aviva Ireland said, "I look forward to welcoming the Friends First employees to the Aviva group. Friends First is an excellent business and will be a great addition to Aviva Ireland. Their expertise in the area of income protection and group risk, in particular, will complement and strengthen the broad range of insurance products we offer our customers.”
Clint Eastwood's The 15:17 to Paris recreates the 2015 Thalys train attack, in which Moroccan-born Ayoub El Khazzani, armed with an assault rifle, a 9mm handgun, and 300 rounds of ammunition, attempted to open fire on a crowded train travelling ...