Aviva has completed its swoop for managing general agent Optiom O2 Holdings.
As first announced last November, the UK-headquartered insurer was acquiring the vehicle replacement insurance provider in Canada to expand the group’s capital-light businesses.
Additionally, snapping up Optiom will grow Aviva Canada’s presence in what is considered as a profitable market segment.
In its update, Aviva said: “The acquisition supports Aviva’s capital-light growth in the attractive Canadian market and strengthens Aviva Canada’s specialty lines business and distribution capabilities.”
Prior to the purchase, Aviva served as an underwriting capacity provider for Optiom.
As previously disclosed, Novacap and other minority shareholders sold Optiom for approximately $170 million.
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