Jen Frost, editor, Professional Adviser, discusses how Aviva's potential acquisition on Direct Line Group (DLG) could cause a headache for the Competition and Markets Authority (CMA).
Aviva has another big deal seemingly under its belt, months after closing its £460m AIG UK protection business buy. This time, it is set for a £3.6bn takeover of motor-heavy insurer DLG. The successful bid follows an earlier rejected £3.3bn attempt. Industry insiders will know how the AIG/Aviva story ended. The deal was announced in September 2023 and completed last April. Cover has since reported that Aviva was busily consulting on redundancies as of July. Meanwhile, some market consternation has followed at the potential and confirmed loss of some of AIG's more innovative...
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