Aviva Ireland is to acquire life assurance firm Friends First for €130 million with the deal set to be complete in the first quarter of 2018 subject to regulatory approval.
After the deal is complete, Aviva will become one of Ireland’s largest insurance conglomerates. This is linked to the company’s plan in seeking to acquire market advantage through capital allocation and further expanding its product range. Aviva Ireland hires over 1,100 people in its Irish division.
Friends First is currently owned by Dutch insurer Achmea Holding NV and has over a quarter of a million customers.
CEO of Aviva Ireland John Quinlan said of the transaction: “I look forward to welcoming the Friends First employees to the Aviva group. Friends First is an excellent business and will be a great addition to Aviva Ireland.
“Their expertise in the area of income protection and group risk, in particular, will complement and strengthen the broad range of insurance products we offer our customers.”