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The name of the company upon its formation in May 2000 was CGNU plc and was created when Norwich Union merged with insurer CGU. [7] In April 2002, the company's shareholders voted to change the company name to Aviva plc, an invented palindrome word derived from "viva", the Latin for 'alive' and designed to be short, memorable and work worldwide.
The company was created by the 1998 merger of Commercial Union and General Accident. [2] It only existed for two years before it merged with Norwich Union in 2000 to form CGNU plc, later renamed Aviva plc.
19th-century Norwich Union fire insurance mark on Hugglescote Wesleyan Chapel, Leicestershire, England Norwich Union offices in Leeds, West Yorkshire, England. Norwich Union was founded in 1797 in Norwich, when 36-year-old merchant and banker Thomas Bignold formed the "Norwich Union Society for the Insurance of Houses, Stock and Merchandise from Fire", a mutual society owned by the ...
The London unit, previously known as Morley, was founded in 1971 as Geoffrey Morley and Partners. This was bought by Globe Investment in 1988 and then sold to Commercial Union, before being absorbed into CGU and then Aviva plc.
John McFarlane was named as the future non-executive chairman in 2011 when Aviva was hit by a rash of management departures. A Scots-born former banker, he is credited with turning around the ...
Aviva acquired RAC plc for around £1.1 billion in March 2005. [9] They sold some parts of the business for £500m, [9] including RAC Auto Windscreens in December 2008, and BSM to a German company in January 2009. [10] [11] BSM was later sold to Acromas Holdings, which owns The Automobile Association.
In December 2014, British insurer Aviva agreed terms for a £5.6 billion all-share takeover of Friends Life. Andy Briggs, current group chief executive of Friends Life, will become CEO of Aviva UK Life, with Mark Wilson continuing as CEO of the enlarged Aviva Group. [10] The takeover was completed on 13 April 2015. [11]
Sentiment towards the UK stock market continues at a low ebb, but domestic fund managers are buying high-quality businesses at attractive valuations. Hargreaves Lansdown’s latest Investor ...