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Aviva to buy Auto and Home insurance unit from Royal Bank of Canada

The British insurer is paying $402 million to the Canadian bank, which has agreed to sell certain Aviva products to its customers as part of a 15-year deal.

By Katherine Chiglinsky | Updated on January 22, 2016
The British insurer is paying $402 million to the Canadian bank, which has agreed to sell certain Aviva products to its customers as part of a 15-year deal. (Image courtesy of Aviva)

(Bloomberg) — Aviva Plc, the U.K.’s second-biggest insurer by market value, agreed to buy a home and auto insurer from Royal Bank of Canada for C$582 million ($402 million) to expand in North America.

The purchase will increase Aviva’s policy sales in Canada by about C$800 million, up from almost C$4 billion in 2014, the buyer said Thursday in a statement. The companies also agreed to a 15-year deal in which other Aviva products will be made available to customers of the Toronto-based bank. About 575 employees of Royal Bank will become part of the London-based insurer.

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