As announced today, effective September 1, 2006 CGU International Insurance, plc, issuer of the Capital Maintenance Agreement for the Aviva Life structured settlement program, will be renamed Aviva International Insurance Ltd.
The purpose of the renaming is to take advantage of the brand recognition of Aviva, one of the world’s largest insurance groups, based in London. Of course, Aviva International Insurance, Ltd’s Capital Maintenance Agreement will continue to provide consumers of structured settlements, their attorneys and advisors with outstanding security and peace of mind through strong secondary protection on structured settlement cases. The Capital Maintenance Agreement is unique to the Aviva structured settlement program in that it is a form of "keep well" program rather than the standard wrap around guarantee offered by many other structured settlement annuity issuers. Details of the Aviva International Insurance Capital Maintenance Agreement feature include:
- Available for cases assigned to Aviva London Assignment Corporation
- A guarantee that Aviva London Assignment Corporation will have sufficient capital to meet its qualified assignment obligations, regardless of the financial position of the underlying Aviva life company (Aviva Life Insurance Company, or in New York, Aviva Life Insurance Company of New York)
- An absolute, unconditional and continuing obligation from a highly rated company – Aviva International Insurance, Ltd. is rated A+ XV by A.M. Best ("Superior", 2nd of 16 rating categories), AA- by Standard & Poor’s (4th of 21 rating categories) and Aa2 by Moody’s (3rd of 21 rating categories).
A bit of history about Aviva… it’s a company with roots tracing back over 300 years.
"Aviva" became the new name for the former CGNU (CGU in the US) in July 2002. That change was preceded several years earlier by the merger of Commercial Union and General Accident to form CGU, and the merger with Norwich Union in the UK to form CGNU. The Aviva brand brought together more than 40 different trading names around the world and created further opportunities for the Group to harness the benefits of its size and international capabilities. The Aviva brand is trading in more than 20 countries and Aviva is now the world’s fifth-largest insurance group (based on gross worldwide premiums as of December 31, 2005).
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