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The name of the company upon its formation in May 2000 was CGNU plc and was created when Norwich Union merged with insurer CGU. [7] In April 2002, the company's shareholders voted to change the company name to Aviva plc, an invented palindrome word derived from "viva", the Latin for 'alive' and designed to be short, memorable and work worldwide.
It only existed for two years before it merged with Norwich Union in 2000 to form CGNU plc, later renamed Aviva plc. [ 3 ] In the US, the CGU casualty and property businesses were purchased by White Mountains Insurance Group ; the name of the company was later changed to OneBeacon Insurance Company .
Norwich Union was founded in 1797 in Norwich, when 36-year-old merchant and banker Thomas Bignold formed the "Norwich Union Society for the Insurance of Houses, Stock and Merchandise from Fire", a mutual society owned by the policyholders who received a share of the profits. [4] This in turn became known as the Norwich Union Fire Insurance Office.
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Aviva Group Ireland plc is the Irish arm of British insurance firm Aviva plc. Its headquarters are in Dublin. The company also provides investment management and pension services. D&B Hoovers reported in October 2010 that Aviva is the largest general insurer in Ireland, with a market share of more than 20% in the country. [1]
A profit-sharing agreement used to be supplemental to a type of pension called a defined contribution plan.For example, if an employee should become ill or incur economic hardship, then access to some or all of profit sharing account would prevent the employee from quitting.
In December 2014, British insurer Aviva agreed terms for a £5.6 billion all-share takeover of Friends Life. Andy Briggs, current group chief executive of Friends Life, will become CEO of Aviva UK Life, with Mark Wilson continuing as CEO of the enlarged Aviva Group. [10] The takeover was completed on 13 April 2015. [11]
A with-profits policy (Commonwealth) or participating policy is an insurance contract that participates in the profits of a life insurance company. The company is often a mutual life insurance company, or had been one when it began its with-profits product line. Similar arrangements are found in other countries such as those in continental Europe.