Article date: 1 November 2007
Aviva plc ("Aviva") announces that it has completed the acquisition of Hamilton Insurance Company Ltd and Hamilton Life Assurance Company Ltd from HFC Bank plc ("HFC"), a subsidiary of HSBC Finance Corporation. The Hamilton companies, which provide a range of creditor insurance products, had gross assets of £180 million and £176 million respectively as at 31 December 2006.
In addition, Norwich Union Insurance, the UK general insurance arm of Aviva, has signed five year agreements to underwrite creditor business for HFC Bank and some of its subsidiaries, and to provide home, protection and travel insurance products to 10.2 million of HSBC Bank plc's ("HSBC") UK customers. These agreements are expected to generate up to £1.7 billion in gross written premiums for Norwich Union Insurance over the next five years.
The new agreement between Norwich Union and HSBC takes effect from today (1 November 2007) and replaces plans to create a joint venture.
Igal Mayer, chief executive of Norwich Union Insurance, said: "This is a strategically important opportunity, which will enable Norwich Union to provide HSBC's customers with market-leading products. We've realised significant value from our 23 year relationship with HSBC; the new five year agreements create an opportunity for us both to build on that successful formula and further develop our profitable relationship."
Sue Winston, head of group media relations, Aviva plc
+44 (0)20 7662 8221
Adam Cracknell, media relations manager, Norwich Union
+44 (0)1603 684916
James Murgatroyd/Ed Simpkins, Finsbury
+44 (0)20 7251 3801
Charles Barrows, investor relations director
+44 (0)20 7662 8115
Susie Yeoh, investor relations manager
+44 (0)20 7662 2117
Notes to editors:
- Aviva is the leading provider of life and pensions to Europe with substantial positions in other markets around the world, making it the world's fifth largest insurance group based on gross worldwide premiums at 31 December 2006.
- Aviva's principal business activities are long-term savings, fund management and general insurance, with worldwide total sales of £41.5 billion and assets under management of £364 billion at 31 December 2006.
- The Aviva media centre at www.aviva.com/media includes images, company and product information and a news release archive.
HSBC Bank plc
HSBC serves 15.6 million customers in the UK and employs more than 40,000 UK staff. HSBC is Britain's most recommended big bank. HSBC Bank plc is a wholly owned subsidiary of HSBC Holdings plc, and a member of the HSBC Group. HSBC Holdings plc serves over 125 million customers worldwide through some 10,000 offices in 83 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. With assets of some US$2,150 billion at 30 June 2007, HSBC is one of the world's largest banking and financial services organisations. HSBC is marketed worldwide as ‘the world's local bank'.