Aviva CEO Amanda Blanc Conquers Detractors and Direct Line
Article 0 Comments Amanda Blanc is determined to steer Aviva Plc to one of the biggest takeovers in its history, a highlight in a storied insurance career where she’s stood up to challenges including activist shareholders and sexist barbs. If her £3.6 billion ($4.6 billion) plan to combine Aviva with Direct Line Insurance Group Plc that was announced on Friday goes through, it’ll be her largest acquisition on record and the highlight of more than four years of work to transform the insurer — while handing Aviva a rival company run by one of her former lieutenants. Blanc, one of the City of London’s most influential women, has until Christmas to firm up the transaction, which took several price bumps to get Direct Line’s approval. Direct Line would be Aviva’s biggest deal since the purchase of Friends Life in 2014, bringing in 3 million motor insurance customers and a chance to cut costs and capital. It could also shield the business from being swallowed by another competitor during a flurry of insurance deals. “This is a major tactical move, one that will bolster Aviva’s personal lines business in the UK. It will help Amanda strengthen Aviva as the UK’s national...