Aviva creates new Solvency II structure for EU business

The UK’s largest insurance company Aviva is to establish a single holding company for its European businesses, excluding the UK, in Ireland. In line with widely-held expectations that the forthcoming Solvency II regime could prompt some insurers to restructure their operations in Europe, Aviva said that it would convert a number of subsidiary businesses in Europe to branches. “This will deliver economic, operational and regulatory benefits to Aviva, especially with the anticipated introduction of Solvency II,” Aviva said.