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<\/div>\nAmanda 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\u2019s stood up to challenges including activist shareholders and sexist barbs.<\/p>\n
If her \u00a33.6 billion ($4.6 billion) plan to combine Aviva with Direct Line Insurance Group Plc that was announced on Friday<\/a> goes through, it\u2019ll be her largest acquisition on record and the highlight of more than four years of work to transform the insurer \u2014 while handing Aviva a rival company run by one of her former lieutenants.<\/p>\n Blanc, one of the City of London\u2019s most influential women, has until Christmas to firm up the transaction, which took several price bumps to get Direct Line\u2019s approval.<\/p>\n Direct Line would be Aviva\u2019s biggest deal since the purchase of Friends Life in 2014<\/a>, 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.<\/p>\n \u201cThis is a major tactical move, one that will bolster Aviva\u2019s personal lines business in the UK. It will help Amanda strengthen Aviva as the UK\u2019s national insurance champion,\u201d said Andrew Sibbald, who advised Blanc in his former role as chairman of Evercore in Europe.<\/p>\n The deal saw an intriguing face-off and potential reunion between Blanc and Adam Winslow, who oversaw Aviva\u2019s insurance business in the UK and Ireland before taking the top job at Direct Line in March. Winslow has since hired two Aviva executives as Direct Line\u2019s chief financial and chief risk officers. The moves led to some animosity between Blanc and Winslow, people familiar with the matter said, asking not to be identified discussing internal matters.<\/p>\n When asked previously about reported friction with Blanc, Winslow told the Sunday Times: \u201cI respect her\u2026 she\u2019s doing her job, but I\u2019ve got my job to do, which is to drive value for shareholders.\u201d<\/p>\n He\u2019s achieved a big payout for the company and himself by securing a bid of 275 pence, although it remains unclear whether he\u2019ll have a role in the combined entity.<\/p>\n Before Aviva pounced in November, Direct Line shares were in a slump, trading below their 2012 IPO price despite a strategy overhaul prompted by takeover interest from Ageas earlier this year. Winslow had repeatedly insisted that the firm could succeed as a standalone business.<\/p>\n Whatever happens, Blanc, 57, has already shaken up Aviva and won round many investors, having faced down detractors including one activist shareholder and later a string of sexist comments at the firm\u2019s annual meeting.<\/p>\n Aviva has divested from France, Poland, Italy and Asia on her watch, refocusing the firm on the UK, Ireland and Canada. When activist Cevian Capital AB sold its holding in 2023, it said Blanc and her team had done an \u201cexcellent job.\u201d The shares are up about 30% during her tenure.<\/p>\n \u201cIt was immediately clear that Amanda had the ability to execute a complex plan at pace,\u201d said Sibbald.<\/p>\n Former colleagues describe her as disciplined and concrete.<\/p>\n