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Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Aviva Plc (Aviva) and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
When it comes to trampling on legacies, Maurice Tulloch is up there with the best of ’em. Just weeks since replacing the ousted Mark Wilson, the pugilistic Canadian today ripped up one of his biggest innovations.
The UK’s biggest insurer Aviva on Thursday unveiled plans to break up UK management and cut hundreds of jobs under a radical plan to revive growth at the misfiring firm. New chief executive Maurice Tulloch will slash 1800 roles, around 6% of Aviva’s 30,000 workforce, via redundancies, axing contractors and freezing some new hires over the next three years. Tulloch, who replaced former chief executive Mark Wilson in March, has been under pressure to improve Aviva, which has seen its shares stumble 20% over the past five years.
One of Britain’s top insurance bosses, Aviva’s UK chief Andy Briggs, is stepping down with a near-£3 million maximum pay package shortly after missing out on the top job at the company. Briggs, who joined Aviva in 2015 after the £5.6 billion takeover of Friends Life, lost out to Aviva chief Maurice Tulloch last month following a closely fought contest to replace Mark Wilson, prompting questions about his future. Chief risk officer Angela Darlington will take over from Briggs as caretaker manager while Tulloch reviews the structure of the UK business.
British insurer Aviva said on Wednesday that Andy Briggs, head of its UK insurance business, was stepping down from the company, just weeks after missing out on its top job to newly installed Chief Executive Maurice Tulloch. Briggs will remain with the insurer until Oct. 23 to support an orderly transition, Aviva said in a statement. The company said Briggs would be granted 'good leaver' status and therefore be eligible both for a pro-rated bonus in respect of the 2019 financial year and to retain awards applicable under its Long-Term Incentive Plan, due to vest in March 2020, March 2021 and March 2022.
General insurers are failing to consider value for money for their customers in their products and services, Britain's financial watchdog said on Wednesday, warning it was prepared to act against firms and their senior managers. The Financial Conduct Authority has written to the CEOs of general insurers, which provide insurance for homes, cars, travel and pets, telling them their manufacturing, sales and distribution approaches can lead to customers buying the wrong products, paying excessive prices or receiving poor service. "We are going to carry out further supervisory work to make sure that firms meet their obligations and will not hesitate to use the full range of our regulatory powers," Jonathan Davidson, FCA executive director of supervision for retail and authorisations, said in a statement.
From cars damaged by loved-up horses to gorilla bites, insurance company staff have to deal with some outlandish claims. Insurer Aviva has opened up its records, and here are six of the best claims from the 991,700 it paid out in 2018.
Rating Action: Moody's assigns definitive rating to Italian CDQ ABS Notes issued by Marzio Finance S.r.l. Milan, April 05, 2019 -- Moody's Investors Service ("Moody's") has assigned the following definitive ratings to the Series 5-2019 of ABS Notes issued by Marzio Finance S.r.l. Moody's has not assigned any rating to the EUR 33.06M Series 5-2019 Class J Asset-Backed Notes due January 2044.
I have a pension with Aviva with a retirement date of July 20 2018. The pension scheme was set up years ago under a company that has now dissolved. The other three members are sadly deceased.
Williams, former chief executive officer and chairman of British Airways, takes over as the 500-year-old post and parcels company struggles with weaker results, a shareholder revolt over pay packages and a slew of management changes.