UK insurer Aviva has expanded its World Company & Specialty (GCS) division with the introduction of two new traces of enterprise, Political Violence and Terrorism (PVT) and Accident and Well being, now out there on the Lloyd’s market by way of Probitas.
Efficient 1 February 2025, this strikes is indicative of Aviva’s technique to turn out to be 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 world political violence and terrorism dangers.
This insurance coverage protects firms from civil commotion, riots, strikes and warfare, amongst others, complementing the prevailing Accident and Well being and Contingency choices already out there on the Lloyd’s market.
Aviva’s underwriting leads, who possess dual-stamp functionality, will preserve consistency by writing the brand new traces.
The PVT answer gives protection for worldwide companies towards worldwide exposures (excluding sanctioned territories), with limits of as much as £500m ($622.23m) per danger out there.
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Forward of 2025, Aviva plans to evaluate additional alternatives to underwrite new traces of enterprise by way of Probitas.
Aviva GCS disaster administration head Luke Powis said: “Introducing this new class of enterprise to the Lloyd’s market, alongside Accident and Well being and Contingency, now means the complete 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 shoppers but additionally 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 energetic underwriter Antony Dodson stated: “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 traces added, we at the moment are in a position to provide a complete suite of marine and specialty merchandise on the Lloyd’s platform.”
Final month, Aviva partnered with automated reconciliation answer supplier AutoRek to reinforce effectivity and guarantee compliance.
