Nov 14 (Reuters) - British insurer Aviva said it had agreed to buy Irish insurer Friends First Life Assurance Company for 130 million euros ($151 million) in cash, making it one of the biggest insurers in Ireland.
Aviva said the deal is in line with its strategy to allocate capital in markets where it has scale or a competitive edge and can grow its product offering across life and general insurance, it said.
“The acquisition will enhance Aviva Ireland’s product offering and accelerate our international growth agenda,” Maurice Tulloch, CEO Aviva International Insurance, said.
Aviva expects the deal to complete in the first quarter of 2018.
The insurer has pulled back from several markets this year, selling its stake in three Spanish joint ventures, its Italian joint venture, part of its French business and its Taiwan joint venture stake, to focus on core markets including Britain and Canada. ($1 = 0.8566 euros) (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Rachel Armstrong)