Aviva to acquire Optiom

Aviva announced its intention to acquire insurance MGA Optiom from Novacap for £100 million.

Headquartered in Calgary, Alberta, Optiom offers vehicle replacement coverage in the event of a partial or total loss. The company distributes its products through brokers and dealerships.

Aviva has an underwriting relationship with Optiom.

The acquisition expands Aviva’s capital-light businesses, which make up over half of Aviva’s portfolio, and grows Aviva Canada’s presence in a “profitable segment” of the Canadian insurance market.

“The acquisition strengthens our offering and distribution capabilities in a highly attractive segment of the Canadian insurance market. We know Optiom well through our existing relationship and are excited about what we can do together to better serve our brokers and customers.” – Tracy Garrad, CEO of Aviva Canada.