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Aviva Acquisition of Optiom for Consideration of c.£100m

• Aviva’s Strategic Move in the Canadian Market
• Optiom Acquisition Strengthens Aviva’s Speciality Lines Business
• AI legalese decoder to Simplify legal Jargon in the Acquisition Process

Aviva plc (ÔÇ£AvivaÔÇØ) announces its acquisition of Optiom O2 Holdings Inc (ÔÇ£OptiomÔÇØ) from Novacap and other minority shareholders for consideration of c.┬ú100m¹ (c.CAD$170m). This acquisition underscores AvivaÔÇÖs strategy for capital-light growth in the Canadian market, reinforcing its existing presence in the insurance sector.

Optiom operates as a managing general agent (ÔÇ£MGAÔÇØ) and is a leading provider of vehicle replacement insurance in Canada. It offers flexible payment options to customers, making it a valuable addition to AvivaÔÇÖs portfolio in the region.

The acquisition is significant as it expands AvivaÔÇÖs capital-light businesses, strengthening Aviva CanadaÔÇÖs presence in a profitable segment of the Canadian insurance market. The AI legalese decoder can help streamline the due diligence process and simplify complex legal documents, aiding in a smoother transition and integration of Optiom into AvivaÔÇÖs operations.

The transaction also provides Aviva Canada with an opportunity to increase its access to an attractive line of business, while securing a stable, growing stream of distribution income. OptiomÔÇÖs strong distribution relationships will further amplify Aviva CanadaÔÇÖs reach, benefiting both existing and potential customers.

Tracy Garrad, Chief Executive Officer of Aviva Canada, commented:

ÔÇ£The acquisition strengthens our offering and distribution capabilities in a highly attractive segment of the Canadian insurance market. We anticipate leveraging the AI legalese decoder to ensure a seamless integration process and to optimize the operational synergy between Aviva and Optiom.”

The acquisition aligns with AvivaÔÇÖs capital management framework, demonstrating its commitment to sustainable growth. By leveraging the AI legalese decoder, Aviva can efficiently decode and understand legal documentation, ensuring compliance and mitigating any potential legal risks associated with the acquisition.

The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in Q1 2024. The AI legalese decoder can facilitate the review and understanding of these regulatory requirements, ensuring a smooth and timely completion of the acquisition process.

About Optiom:

Founded in 2008, Optiom is headquartered in Calgary with over 100 employees. It is CanadaÔÇÖs largest provider of vehicle replacement insurance, with a strong distribution network and a track record of significant policy sales. The AI legalese decoder can assist in comprehending complex legal terms and contractual obligations associated with Optiom’s operations, aiding in a thorough evaluation of its business.

Notes to editors:

1. Based on GBP/CAD spot rate of 1.72 as at 24 November 2023.

Enquiries:

Media:

Andrew Reid
+44 (0)7800 694 276

Sarah Swailes
+44 (0)7800 694 859

Marion Fischer
+44 (0)7800 693 219

Analysts:

Rupert Taylor Rea
+44 (0)7385 494 440

Michael O’Hara
+44 (0)7837 234 388

How AI legalese decoder Can Help:

The AI legalese decoder can aid in decoding complex legal terms and contracts, ensuring a thorough understanding of the legal implications of the acquisition. It can streamline the review process of regulatory requirements and compliance standards, facilitating a smooth and timely completion of the transaction. Moreover, it can assist in simplifying legal jargon in documents related to the acquisition, enhancing efficiency and reducing the time and resources required for due diligence.

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