Insurance Times rounds up the biggest M&A stories from 24 to 28 February 2025
Starting off the week, Matt Scott highlighted how a record-breaking wave of M&A reshaped the UK insurance market over the past year.
According to January 2025 figures published by professional services firm Ernst and Young (EY), the number of UK insurance deals rose from 112 in 2023 to 188 in 2024, with the total publicly disclosed deal value increasing from £3.7bn to £4.6bn between 2023 and 2024.
One of the biggest M&A stories of 2024 was Aviva’s agreement to acquire Direct Line Group (DLG) for £3.6bn in December.
Already the UK’s largest insurer due to gross written premium (GWP) of almost £6.7bn, according to Insurance DataLab’s analysis of insurers’ latest Solvency and Financial Condition Reports (SFCRs), Aviva’s acquisition of DLG – adding a further £3.9bn in GWP – is set to push the combined business past the £10bn mark. This is a milestone for a UK-based insurer.
Later in the week, it was announced that UK-based FloodFlash had agreed terms to be acquired by US parametric insurance specialist NormanMax Insurance.
The deal will see FloodFlash continue to operate as an MGA and Lloyd’s coverholder, while its product will continue to be available to distributors and customers in the UK.
After that, Aviva said that it expects its £3.7bn acquisition of DLG to complete in mid-2025.
When Aviva published its financial results yesterday (27 February 2025), its chief executive Amanda Blanc said the deal was “on track and is a clear opportunity to accelerate our capital-light growth, deliver brilliant service to millions more customers and support the wider development of the UK economy”.
The insurer also said that the acquisition was progressing in line with expectations, “with completion anticipated in mid-2025”.
However, Aviva stressed this was subject to the upcoming shareholder vote and regulatory approvals.
His career began in 2019, when he joined a local north London newspaper after graduating from the University of Sheffield with a first-class honours degree in journalism.
He took up the position of deputy news editor at Insurance Times in March 2023, before being promoted to his current role in May 2024.View full Profile
No comments yet