ASSESSOR SUMMER 2025 FULL MAGAZINE - Flipbook - Page 30
JOURNAL
INSURANCE M&A
INSURANCE M&A
ACTIVITY HOTS UP
Direct Line Insurance Group was acquired by Aviva on 1 July 2025 in a £3.7 billion
“mega-merger” deal, giving the newly combined business around 21% share of the total
UK motor insurance market (2024 昀椀gures, via ABP Club).
ere, David Cresswell,
Chairman at ABP Club,
comments on the most
recent in a series of
merger and acquisition
(M&A) activity in the motor insurance
market.
Top 10 UK motor insurers in
2024 (gross written UK motor
premium):
H
1.
Aviva and Direct Line (combined):
£5,804 million
2.
Admiral Group: £4,007 million
Early results from ABP’s research for the
2026 ABP Industry Yearbook reveals
how dominant the newly combined
Aviva/Direct Line business will be in
the UK motor insurance market.
3.
Ageas and esure and Acromas
(combined) £2,374 million
4.
Allianz Group (inc LV=): £2,156
million
5.
Hastings Group: £1,724 million
ABP’s exclusive analysis of the
insurance companies 2024 SFCRs
(Solvency and Financial Condition
Reports) reveals that the combined
Aviva/Direct Line business had around
a 21% share of the total UK motor
insurance market in 2024.
6.
RSA Group: £1,170 million
7.
Axa: £1,124 million
8.
Great Lakes Insurance UK (sold
through MGAs): £979 million
9.
NFU: £873 million
The analysis also reveals that the
soon-to-be-expanded Ageas Group
will become the third largest UK motor
insurer: Ageas’ acquisition of Acromas
completed on 1 July 2025 and the
acquisition of esure, announced in April
2025, is expected to complete in H2
2025.
These top 10 motor insurers wrote
around 75% of all motor insurance in
the UK in 2024, said David.
10. First Central: £742 million.
Speaking as the Aviva and Direct Line
deal was cleared by the Competition
and Markets Authority (CMA), Amanda
Blanc, Group Chief Executive Of昀椀cer,
Aviva, said:
“The completion of the acquisition of
Direct Line brings together some of
the country’s best-known and admired
insurance brands and brilliant people
to better serve the needs of now 20
million UK customers. The transaction
builds on the excellent progress we’ve
made at Aviva over the last 昀椀ve years,
accelerates our capital-light growth
strategy, and puts us in a very good
position to deliver strong returns for
shareholders. That is why this deal
made such sense for us and we are
excited at the further opportunities this
creates for Aviva’s growth.”
Jason Storah, previously CEO of UK
& Ireland General Insurance at Aviva,
has been appointed as CEO for the
combined businesses.
“By combining the strengths of both
organisations, we’ll be able to offer
more to our customers and create
value for our shareholders,” said Jason.
“It’s a step that makes sense for the
long term – commercially, strategically,
and culturally.
Owen Morris has been named CEO of
UK personal lines, with responsibility
for both the Direct Line and Aviva
personal lines businesses. He will
report directly to Jason.
Several interim leadership
appointments have also been made
within the Direct Line business,
including Michael Korner as motor
managing director.
JOURNAL
30
THE ASSESSORS JOURNAL | SUMMER 2025 | www.iaea-online.org/news/the-assessor
