1st Nov 2007 16:00
Aviva PLC01 November 2007 News release 1 November 2007 AVIVA COMPLETES ACQUISITION OF HAMILTON COMPANIES AND ENTERS NEW DISTRIBUTION AGREEMENTS Aviva plc ("Aviva") announces that it has completed the acquisition of HamiltonInsurance Company Ltd and Hamilton Life Assurance Company Ltd from HFC Bank plc("HFC"), a subsidiary of HSBC Finance Corporation. The Hamilton companies,which provide a range of creditor insurance products, had gross assets of £180million and £176 million respectively as at 31 December 2006. In addition, Norwich Union Insurance, the UK general insurance arm of Aviva, hassigned five year agreements to underwrite creditor business for HFC Bank andsome of its subsidiaries, and to provide home, protection and travel insuranceproducts to 10.2 million of HSBC Bank plc's ("HSBC") UK customers. Theseagreements are expected to generate up to £1.7 billion in gross written premiumsfor Norwich Union Insurance over the next five years. The new agreement between Norwich Union and HSBC takes effect from today (1 November 2007) and replaces plans to create a joint venture. Igal Mayer, chief executive of Norwich Union Insurance, said: "This is astrategically important opportunity, which will enable Norwich Union to provideHSBC's customers with market-leading products. We've realised significant valuefrom our 23 year relationship with HSBC; the new five year agreements create anopportunity for us both to build on that successful formula and further developour profitable relationship." - ends - Enquiries:MediaSue Winston, head of group media relations, Aviva plc +44 (0)20 7662 8221Adam Cracknell, media relations manager, Norwich Union +44 (0)1603 684916James Murgatroyd/Ed Simpkins, Finsbury +44 (0)20 7251 3801 AnalystsCharles Barrows, investor relations director +44 (0)20 7662 8115Susie Yeoh, investor relations manager +44 (0)20 7662 2117 Notes to editors: Aviva plc • Aviva is the leading provider of life and pensions to Europe withsubstantial positions in other markets around the world, making it the world'sfifth largest insurance group based on gross worldwide premiums at 31 December2006. • Aviva's principal business activities are long-term savings, fundmanagement and general insurance, with worldwide total sales of £41.5 billionand assets under management of £364 billion at 31 December 2006. • The Aviva media centre at www.aviva.com/media includes images, companyand product information and a news release archive. HSBC Bank plc HSBC serves 15.6 million customers in the UK and employs more than 40,000 UKstaff. HSBC is Britain's most recommended big bank. HSBC Bank plc is a whollyowned subsidiary of HSBC Holdings plc, and a member of the HSBC Group. HSBCHoldings plc serves over 125 million customers worldwide through some 10,000offices in 83 countries and territories in Europe, the Asia-Pacific region, theAmericas, the Middle East and Africa. With assets of some US$2,150 billion at 30June 2007, HSBC is one of the world's largest banking and financial servicesorganisations. HSBC is marketed worldwide as 'the world's local bank'. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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