Aviva plc acquired Optiom O2 Holdings Inc from Novacap and other minority shareholders for around $170 million (approximately £100 million). Optiom, a managing general agent (MGA) in Canada, specializes in vehicle replacement insurance and offers flexible payment options. This acquisition aligns with Aviva’s strategy to expand its capital-light businesses and strengthens Aviva Canada's position in a profitable segment of the Canadian insurance market. Aviva, already an underwriting capacity provider for Optiom, will benefit from enhanced access to this attractive business line and stable distribution income. The deal also enhances Aviva Canada's distribution reach and service offerings. The acquisition, subject to regulatory approvals, is expected to close in Q1 2024 and is in line with Aviva’s capital management strategy, promising continued returns of surplus capital.