Proactive Investors - Aviva (LON:AV) enters Lloyd's market.
British insurance big cap Aviva has set its sights on the Lloyd’s insurance market with the acquisition of Probitas for a £242 million consideration.
The ‘Lloyd’s market’ refers to Lloyd's of London, a syndicate of insurers and reinsurers that underwrite risk on complex insurance products.
Aviva will acquire Probitas's fully-integrated Lloyd's platform, encompassing its corporate member, managing agent, international distribution entities and tenancy rights to Syndicate 1492.
"This acquisition is another step in our strategy to invest in Aviva's future profitable growth,” said Aviva’s chief executive Amanda Blanc.
“Aviva's presence in the Lloyd's market opens up new opportunities to accelerate growth in our capital-light General Insurance business."
Little changed on the lead index
The FTSE 100 is expected to kick the week off little changed from Friday’s solid performance.
Futures contracts have the lead index opening 15 points lower at 7,675.
The macroeconomic calendar is also barren, though with the Spring Budget due on Wednesday, conversation and market speculation won’t be lacking.
Annual results are shortly due for Clarkson PLC (LON:CKN), Globaldata plc and Quartix Technologies.