UK insurer Aviva has expanded its International Company & Specialty (GCS) division with the introduction of two new strains of enterprise, Political Violence and Terrorism (PVT) and Accident and Well being, now obtainable on the Lloyd’s market by way of Probitas.
Efficient 1 February 2025, this strikes is indicative of Aviva’s technique to change into a “dual-platform London Market insurer”.
The PVT line is a brand new enterprise for Aviva beneath its GCS Disaster Administration Division, providing safety towards international political violence and terrorism dangers.
This insurance coverage protects corporations from civil commotion, riots, strikes and warfare, amongst others, complementing the prevailing Accident and Well being and Contingency choices already obtainable on the Lloyd’s market.
Aviva’s underwriting leads, who possess dual-stamp functionality, will keep consistency by writing the brand new strains.
The PVT answer gives protection for worldwide companies towards worldwide exposures (excluding sanctioned territories), with limits of as much as £500m ($622.23m) per threat obtainable.
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Forward of 2025, Aviva plans to evaluate additional alternatives to underwrite new strains of enterprise by way of Probitas.
Aviva GCS disaster administration head Luke Powis acknowledged: “Introducing this new class of enterprise to the Lloyd’s market, alongside Accident and Well being and Contingency, now means the total suite of disaster administration merchandise can be found to brokers throughout each Aviva and Lloyds platforms.
“This not solely cements our dedication to offering complete insurance coverage options for our brokers and purchasers but in addition offers entry to beforehand unavailable markets, unleashing a wealth of untapped alternatives for Aviva’s GCS enterprise.”
Aviva acquired Probitas in July 2024, which included the Lloyd’s platform and tenancy rights to Syndicate 1492.
Probitas Syndicate 1492 chief underwriting officer and lively underwriter Antony Dodson mentioned: “We’re happy to start writing Accident and Well being and Political Violence and Terrorism lessons by way of Probitas Syndicate 1492. Along with the earlier strains added, we at the moment are in a position to supply a complete suite of marine and specialty merchandise on the Lloyd’s platform.”
Final month, Aviva partnered with automated reconciliation answer supplier AutoRek to boost effectivity and guarantee compliance.
