Aviva Insurance Company was established in 1696, becoming the first insurance company in the world. It was formed at Tom’s Coffee House in London under the original name of Contributors for Insuring Houses, Chambers or Rooms from Loss by Fiore. In 1713, it changed its name to Fire Office then to General Accidents in the 1930s. Norwich Union, Commercial Union and General Accident merged in 2001 and in July 2002. the company under the name of Commercial General Norwich Union changed to Aviva.
The company is run by highly competent officials, led by its chairman, Lord Sharman of Redlynch. The group chief executive is Andres Moss and chief financial officer is Patrick Reagan. For North America operations, the chief executive is Igal Mayer.
From its humble beginnings 314 years ago, Aviva is now one of the largest insurance companies in the United Kingdom and in Europe. It has expanded as well to Asia and North America. It operates in 28 countries, serving more that 53 million customers and is now the sixth largest insurance company in the world.
At present, Aviva has a premium income and investment sales of £45.1 billion, 14 percent of which is from North American sales. It also has £379 billion of funds under management as of December 2009. As of July 2010, Aviva Worldwide has already a market capital of £10.1 billion.
Aviva’s presence in the United States started in the 19th century, when Commercial Union was established in San Francisco in 1869. In 1874, Norwich Union started its business in California and in 1899, General Accident opened its office in Philadelphia. In late 2006, the Aviva group acquired AmerUS Group. In April 2008, a groundbreaking ceremony was held for the company’s new U.S. operations headquarters in Des Moines, Iowa. The new edifice can accommodate 1,500 employees
Today, Aviva USA’s 29,852 individual U.S. agents serve 929,723 Americans. There was a major improvement in their profitability, having a 14-percent increase at IRR in 2009. It also has received an A rating from A.M. Best, an insurance rating agency. According to A.M. Best, Aviva USA has demonstrated “an excellent ability to meet their ongoing insurance obligations.”
Aviva USA offers a wide range of life insurance products and annuities. It also provides a wide range of exclusive wellness products through its partnership with health specialist Mayo Clinic Health Solutions. For those who have a limited budget and want insurance coverage for a specific period of time, Term Life is recommended. Universal Life coverage, on the other hand, is suited for those who are planning for the future and need a versatile insurance policy. There is also Indexed Universal Life, a plan that credits interest to the members cash value based on the movement of a major-stock index.
The company also offers retirement plans or annuities. For people who are retiring and would like to have a predictable rate of growth in their annuity, Aviva has Fixed Annuity. And if the members want a higher rate without being directly involved in the stock market, Aviva offers Fixed Indexed Annuity.
Aviva does not recommend a policy to its clientele until it understands where the customer is coming from and where he/she is headed for.
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