Aviva aquires Direct Line Group

luci

Direct Line Group and its subsidiary companies have been acquired by Aviva. 

huckster

It will end up with only a few companies owning most brands.

And redundancies will follow.  LV taken over by Allianz is making UK staff redundant at the moment, as jobs are moved to India.

MyRealNameToo

luci said:

Direct Line Group and its subsidiary companies have been acquired by Aviva. 

They agreed to the sale in December, it got regulatory approval and completed in June. A couple of other firms were bidding for it too. Took so long because the Competition Markets Authority got involved but luckily it was cleared in a phase 1 review rather than going to phase 2.

huckster said:

It will end up with only a few companies owning most brands.

And redundancies will follow.  LV taken over by Allianz is making UK staff redundant at the moment, as jobs are moved to India.

Motor generally only works by scale, the industry as a whole has been making an underwriting loss for a number of years and so it's only the investments side that keeps them in business but short tail business like Motor your investment options are fairly limited as you constantly need cash to pay claims. 

Inevitably some redundancies but more in the back office space than customer facing probably, DLG had made some big mistakes but they were still a fairly lean organisation