UK insurer Aviva has entered the US specialty insurance sector through the establishment of Aviva Specialty, a wholly owned entity based in New York City.
The business is set to begin underwriting commercial property coverage during the fourth quarter of 2026 (Q4 2026).
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Business will initially be underwritten on Aviva Insurance Limited paper, with distribution managed via open-market brokers and alliances with programme administrators.
Aviva UK & Ireland general insurance CEO Jason Storah added: “As we continue to expand our global specialty capabilities, the US is a market where we see significant opportunities to grow and create value. We are entering the market with a long-term perspective and a commitment to being a trusted specialty insurance partner.”
The insurer stated that it plans to develop its market footprint via designated business classes and partnerships.
Future expansion targets include specialty casualty, cyber, and specialty and financial lines, alongside the creation of delegated authority and programme business capabilities.
Aviva Specialty president Mike Karmilowicz said: “What differentiates Aviva Specialty is the combination of a seasoned specialty insurance team and the agility of a purpose-built platform.
“We are building the business from the ground up for today’s market, giving our teams the tools and flexibility to deliver responsive underwriting, exceptional service and consistent execution for brokers, clients and programme partners.”
Late last month, the company extended its tie-up with start-up accelerator and venture studio Founders Factory to establish a new cohort of fintech and health companies.
Over the next three years, Aviva will allocate capital to set up ventures across property, wealth, asset management, insurance and cybersecurity.
According to its most recent half-year financial release, Aviva posted a 49% fall in profit to $555.2m (£418m) for the first half of 2026, with basic earnings per share falling 44% to 12.2p.
During the same period, operating profit rose by 24% to £1.32bn.
Operating earnings per share grew by 10% to 31.8p, while return on equity increased from 18.2% in the prior-year period to 20.3%.
