Aviva appoints advisers for potential RAC sale

Aviva has appointed advisers JP Morgan in preparation for the sale of RAC, Insurance Times understands.

Aviva is thought to be working with JP Morgan on details of the sale, and at least two interested parties are aware of the development.

JP Morgan were the original advisers, along with Goldman Sachs, when Aviva bought RAC for £1.1bn in 2005.

In recent months, Aviva has been positioning RAC for a sale, separating it from the rest of the group and creating new management roles.

As reported by Insurance Times last week, Brian Spinks, who was previously Aviva head of corporate marketing, become the latest figure to move over to RAC.

He has joined a team led by Angela Seymour-Jackson, who took up a newly-created role of RAC managing director in December last year. She was previously distribution director of Aviva UK life.

Aviva's former UK general insurance chief risk officer Diane Cougill was also handed the new role of chief financial officer in recent months.

Elsewhere, David Tyers left his role as Aviva director of insurance marketing to become sales and marketing director at RAC.

The changes follow strong signals from chief executive Andrew Moss in the last six months that there would be a focus on core businesses and a disposal of non-core assets.

JP Morgan and Aviva declined to comment.