British multinational insurance company, Aviva, has announced it would acquire Canada’s Optiom in a £100 million deal.
Optiom, a firm that operates as a Managing General Agent (MGA), is a leading provider of vehicle replacement insurance in Canada and gives flexible payment options to customers.
Aviva said the acquisition will expand its capital-light businesses which cover over half of its portfolio, while also increasing its Canadian presence in a profitable segment of Canada’s insurance market.
Aviva has served as an existing capacity provider for Optiom, with Aviva adding that the acquisition offers an opportunity for it to expand its access to an attractive line of business while securing a stable stream of distribution income.
Also, Aviva said that it would leverage Optiom’s distribution relationships in Canada to reach additional customers.
While talking about the development, Tracy Garrad, Chief Executive Officer of Aviva Canada, said: “The acquisition strengthens our offering and distribution capabilities in a highly attractive segment of the Canadian insurance market. We know Optiom well through our existing relationship and are excited about what we can do together to better serve our brokers and customers.”
Aviva said it expects the deal to close in the first quarter of 2024.
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