Aviva Group Ireland
{{short description|Irish insurance group}}
{{Use dmy dates|date=May 2023}}
{{Infobox company
| name = Aviva Group Ireland plc
| logo = 150px
| type = Public
| industry = Insurance
| products = Life Insurance
Pensions
| parent = Aviva
| foundation = {{start date |1908}}
| website = {{Official URL}}
}}
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.{{cite web|url=http://www.hoovers.com/hibernian-group/--ID__91308--/free-co-factsheet.xhtml|title=Hoover's – Hibernian Group plc Information|publisher=Hoovers.com|date=19 October 2010|accessdate=19 October 2010}}
History
The company was established in 1908 as Hibernian. In 1925, the Guardian Assurance Company Ltd purchased a majority shareholding in the company and by 1931, it was offering fire, accident, motor, fidelity guarantee and plate glass insurance. Guardian Assurance sold the company to a consortium of Irish firms, including the Bank of Ireland, in 1935.{{cite web|url=http://www.ffsl.ie/aviva-broker-galway-insurance-pensions-and-investments/|title=Aviva Ireland|publisher=Fahey Financial Solutions|accessdate=18 April 2020}}
The company started to transact engineering business in 1940, and in 1946 added marine insurance in partnership with the Irish National Insurance Company Ltd. In 1964, the Commercial Union Assurance Company Ltd acquired the majority shareholding from the Bank of Ireland and two years later changed the company’s name to the Hibernian Insurance Company Ltd. By 1969, Commercial Union owned 99.9% of shares in the company.
A consortium of Irish investors acquired the majority shareholding in the company in 1979, while Commercial Union retained a 30% share of the company. The company was acquired by CGU plc in November 1999. It later became part of Aviva.{{cite web|url=https://www.insurancetimes.co.uk/cgu-swoops-on-hibernian/1358471.article|title=CGU swoops on Hibernian|publisher=Insurance Times|date=11 November 1999|accessdate=18 April 2020}}
In June 2008, the company announced that it was to transfer much of its operations to Bangalore, India with the loss of 580 jobs.{{cite news|url=http://www.rte.ie/news/2008/0624/hibernian.html|title=RTÉ News: Hibernian in talks over 580 job cuts|publisher=RTÉ.ie|date=24 June 2008|accessdate=19 October 2010}} In the same year, Hibernian announced that it would be rebranding as Aviva as part of a global rebranding campaign to have all Aviva’s subsidiaries operate under the same name.{{cite news |url=https://www.irishexaminer.com/business/arid-30359892.html|title=Aviva to rebrand Hibernian Insurance|newspaper=irishexaminer.com|date=29 April 2008|accessdate=21 August 2020}} Also in 2008, the Central Bank of Ireland fined the company for various breaches of the Consumer Protection Code.{{Cite web|url=http://www.financialregulator.ie/publications/Documents/Hibernain%20Direct%20Limited%20Settlement%20Agreement%20-%2028%20Nov%2008.pdf |title=Archived copy |access-date=23 January 2010 |archive-url=https://web.archive.org/web/20090319193402/http://www.financialregulator.ie/publications/Documents/Hibernain%20Direct%20Limited%20Settlement%20Agreement%20-%2028%20Nov%2008.pdf |archive-date=19 March 2009 |url-status=dead }}
The company dismantled its Dublin-based European holding company in April 2011, moving the operation from London.{{cite news|url=http://www.independent.ie/business/irish/aviva-unit-begins-big-move-from-dublin-to-london-2612568.html|work=Irish Independent|first=Laura|last=Noonan|title=Aviva unit begins big move from Dublin to London|date=7 April 2011}} In the same year, the Central Bank of Ireland again fined Aviva for failing to have proper controls and procedures surrounding the safeguarding of client assets.{{cite news|url=http://www.rte.ie/news/2011/0722/central-business.html|work=RTÉ News|title=Central Bank fines Aviva Investors Ireland|date=22 July 2011|accessdate=2 January 2021}}{{cite news|url=http://www.irishtimes.com/newspaper/finance/2011/0723/1224301203603.html|newspaper=The Irish Times|first=Caroline|last=Madden|title=Aviva Investors fined EUR 30,000 for breaches over client assets|date=23 July 2011|accessdate=2 January 2021}}
In 2018, Aviva acquired the business of Friends' First from Dutch company Achmea. The business had earlier been part of Friends Provident until it was demutualised in 1992, rolled into Eureko and later rebranded as Friends' First in 1998.{{cite web |title=Aviva Ireland completes acquisition of Friends First |url=https://www.irishtimes.com/business/financial-services/aviva-ireland-completes-acquisition-of-friends-first-1.3516067 |website=The Irish Times |access-date=16 September 2024 |language=en}}
Aviva Stadium
It was announced in February 2009 that the new stadium on Lansdowne Road in Dublin would be called the Aviva Stadium as a result of a ten-year deal with Aviva reported to be worth €40{{nbsp}}million.{{cite news|url=http://news.bbc.co.uk/sport2/hi/rugby_union/irish/7886499.stm|title=Lansdowne to become Aviva Stadium|publisher=BBC News|date=12 February 2009|accessdate=19 October 2010}}
See also
References
{{reflist}}
External links
- [http://ec.europa.eu/comm/competition/mergers/cases/decisions/m1777_en.pdf Discusses the acquisition of Hibernian Group plc by CGU]
- [http://goliath.ecnext.com/coms2/product-compint-0000458843-page.html Goliath – Hibernian Group plc]
- [http://www.business2000.ie/images/pdfs/hibernian_2nd_ed.pdf Business2000.ie – Hibernian]
- [http://www.aviva.ie Aviva's Irish website]
{{Aviva}}
{{Use British English|date=October 2010}}
Category:Financial services companies established in 1908
Category:1908 establishments in Ireland
Category:Insurance companies of Ireland
Category:Medical and health organisations based in the Republic of Ireland
Category:Irish subsidiaries of foreign companies
Category:Financial services companies based in Dublin (city)