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Aviva to acquire Canadian vehicle replacement insurance business, Optiom

  • 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…

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