Commercial insurance provider Aviva’s European chief departs

Commercial insurance provider Aviva has recently announced the chief of its European division will be leaving the firm.

Andrea Moneta will be leaving the business insurance provider by the end of February through what was called a mutual agreement by industry insiders.  Moneta, a former UniCredit executive, is set to be replaced by North American business head Igal Mayer.  Mr Mayer will be stepping into Mr Moneta’s roles of board director and European chief executive with immediate effect.

Aviva, the second largest provider of professional indemnity insurance in the UK, stated that Mr Moneta was leaving the firm in order to pursue new challenges in the financial services industry.  The insurer also stated that Mr Mayer would aid in the reinforcement of Aviva Europe’s potential and importance.

A company spokesperson stated that Mr Mayer’s two decades of experience at the firm will be invaluable in his new role as European chief executive.  Moreover Aviva stated that Mr Mayer’s proven track record of delivering results is excellent.

A native to Italy, Mr Moneta replaced former chief executive Tidjane Thiam in July of 2008 as his predecessor left to join Prudential.  The following year in September saw Mr Moneta appointed as a board member.  During his tenure at Aviva, he consolidated the 12 different national units of the firms European operations under one umbrella.  Additionally he had oversight of the partial flotation of Delta Lloyd, its Dutch subsidiary, on the Euronext exchange.

Aviva Europe’s revenue for 2010 stood at £16.3 billion, which does not include the UK.  The division contributed 36 per cent of Aviva Group’s total sales as the firm posted profits before tax of £2 billion.  The firm stated as early as last March that its UK and European divisions were forecast to deliver the majority of its future growth.

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