Aviva has completed the acquisition of Hamilton Insurance Company and Hamilton Life Assurance Company from HFC Bank, a subsidiary of HSBC Finance Corporation.
The Hamilton companies, which provide a range of creditor insurance products, had gross assets of GBP180 million and GBP176 million respectively. Norwich Union Insurance, the UK general insurance arm of Aviva, has signed five year agreements to underwrite creditor business for HFC Bank and some of its subsidiaries, and to provide home, protection and travel insurance products to 10.2 million of HSBC Bank’s UK customers. These agreements are expected to generate up to GBP1.7 billion in gross written premiums for Norwich Union Insurance over the next five years.
Igal Mayer, chief executive of Norwich Union Insurance, said: This is a strategically important opportunity, which will enable Norwich Union to provide HSBC’s customers with market-leading products. We’ve realized significant value from our 23 year relationship with HSBC, the new five year agreements create an opportunity for us both to build on that successful formula and further develop our profitable relationship.