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Aviva Group Ireland

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Aviva Group Ireland plc
Company typePublic
IndustryInsurance
Founded1908; 116 years ago (1908)
HeadquartersDublin, Ireland
ProductsLife insurance
Pensions
ParentAviva
Websitewww.aviva.ie Edit this at Wikidata

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. Hoover's reports that Aviva is the largest general insurer in Ireland, with a market share of more than 20%.[1] The company also has a majority shareholding, in Aviva Health Insurance.

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. In 1935, Guardian Assurance sold the company to a consortium of Irish firms, including the Bank of Ireland.[2]

In 1940, the company started to transact engineering business 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, in May 1966, changed the company’s name to the Hibernian Insurance Company Ltd. By 1969, Commercial Union owned 99.9% of shares in the company.[2]

A consortium of Irish investors acquired the majority shareholding in the company in 1979, while Commercial Union retained the 30% share. It was acquired by CGU plc on 4 November 1999, which its self later became part of Aviva.[3]

The company found itself at the centre of controversy in June 2008, when it announced that it was to transfer much of its operations to Bangalore, India, with the loss of 580 jobs.[4] In April 2008, Hibernian announced that they would be rebranding as Aviva, as part of a global rebranding campaign to have all their subsidiaries operate under the same name.[5] The company was renamed as Hibernian Aviva in January 2009, and in December 2009, the company was rebranded as simply Aviva.[6]

The Central Bank of Ireland fined the company for various breaches of the Consumer Protection Code, in November 2008.[7] It dismantled its Dublin based European holding company in April 2011, and carried on the same operations from London.[8] The Central Bank of Ireland fined Aviva in July 2011, for failing to have proper controls and procedures surrounding the safeguarding of client assets.[9][10]

Aviva Stadium

On 12 February 2009, it was announced that the new stadium on Lansdowne Road will be called the Aviva Stadium, after a deal with Aviva reported to be worth €40 million, and the deal would last for ten years.[11]

See also

References

  1. ^ "Hoover's - Hibernian Group plc Information". Hoovers.com. 19 October 2010. Retrieved 19 October 2010.
  2. ^ a b "Aviva Ireland". Fahey Financial Solutions. Retrieved 18 April 2020.
  3. ^ "CGU swoops on Hibernian". Insurance Times. 11 November 1999. Retrieved 18 April 2020.
  4. ^ "RTÉ News: Hibernian in talks over 580 job cuts". RTÉ.ie. 24 June 2008. Retrieved 19 October 2010.
  5. ^ "Aviva to rebrand Hibernian Insurance". irishexaminer.com. 29 April 2008. Retrieved 21 August 2020.
  6. ^ O'Mahony, Catherine (20 December 2009). "Sunday Business Post: Aviva dropping Hibernian name in rebranding strategy". Sbpost.ie. Retrieved 19 October 2010.
  7. ^ "Archived copy" (PDF). Archived from the original (PDF) on 19 March 2009. Retrieved 23 January 2010.{{cite web}}: CS1 maint: archived copy as title (link)
  8. ^ Noonan, Laura (7 April 2011). "Aviva unit begins big move from Dublin to London". Irish Independent.
  9. ^ "Central Bank fines Aviva Investors Ireland". RTÉ News. 22 July 2011. Retrieved 2 January 2021.
  10. ^ Madden, Caroline (23 July 2011). "Aviva Investors fined EUR 30,000 for breaches over client assets". The Irish Times. Retrieved 2 January 2021.
  11. ^ "Lansdowne to become Aviva Stadium". BBC News. 12 February 2009. Retrieved 19 October 2010.

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