Insurer Aviva Nearing Sale of U.S. Business

November 8, 2012Email ThisPrintNewslettersTweetArticleCommentsAviva, the UK’s second-biggest insurer, is closing in on the sale of its underperforming U.S. business, a key part its drive to strengthen its finances in an uncertain economic climate and revive its share price.

The disposal, expected “reasonably soon,” is set to fetch less than the

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Best Maintains AVIVA and Subs Ratings Under Review; Negative Implications

Rating Services Limited has reviewed and maintained the under review status of the financial strength ratings of ‘A’ (Excellent) and issuer credit ratings (ICR) of

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Aviva CEO Quits After Shareholder Revolt

Aviva plc announces that Andrew Moss, Chief Executive Officer, will be leaving the group and will cease to be Chief Executive with immediate effect. Lord Sharman, Chairman of Aviva, confirmed that Andrew Moss had approached him with the decision that he felt it was in the best interests of the company that he step aside to make way for new leadership.’,”, 300)” onmouseout

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Moss Quits as Aviva CEO; McFarlane Takes over as Interim Boss

May 8, 2012Email ThisPrintNewslettersTweetArticleComments

Andrew Moss has announced his resignation, with immediate effect, as CEO of Aviva, the UK’s largest insurance group. The move comes five days after his salary figures were rejected at the annual general meeting of shareholders. He will also “leave the Board shortly and a further announcement will be made to confirm the financial terms of his departure and date of leaving,” the company said.  

Aviva said its Board has asked Chairman Designate John McFarlane to become interim Executive Deputy Chairman with immediate effect. As of July first he will become Executive Chairman pending the appointment of a new CEO.

 The Board has asked him to maintain this executive role while ” internal and external candidates are assessed to find the very best candidate for the CEO role. It is envisaged that this process will take a number of months, at the conclusion of which he will revert to the role of non-executive Chairman.”

The bulletin also noted that Aviva’s Chairman Lord Sharman “confirmed that Andrew Moss had approached him with the decision that he felt it was in the best interests of the company that he step aside to make way for new leadership.   He has offered to assist in any way he can to ensure a smooth transition.” 

In regard to John McFarlane’s additional responsibilities, Lord Sharman stated:

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Best Sees No Ratings Changes at Aviva after Moss Departure

Rating Services Limited has commented that the financial strength ratings, issuer credit ratings and debt ratings of the UK’s Aviva plc and its subsidiaries “are unaffected by the recent announcement that Aviva’s chief executive officer (CEO) is to leave the group at the end of May 2012.”

Best did say that it has noted the “recent changes to the senior management team and the potential effects this may have on the group’s strategic business plans.” It will continue to monitor these developments and assess their implications for Aviva’s ratings.
 
In addition Best indicated that the “ratings of Aviva and its subsidiaries were placed under review with negative implications in December 2011 due to Aviva’s investment risk exposure to several peripheral euro zone economies, Italy in particular.”

At the time, Best’s said its “rating actions on Aviva reflected its exposure to the continued deterioration of the sovereign creditworthiness of several euro zone countries and the negative economic outlook for the region. These ratings remain under review pending further analysis.
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Source: A.M. Best

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