CGU Underwriting Company - Name Change
From 1 September 2006 the company names and legal status of CGU Insurance plc (CGUI) and CGU International Insurance plc (CGUII) will change to Aviva Insurance Limited and Aviva International Insurance Limited respectively.
Norwich Union currently issues a number of documents and communications which contain a reference to CGU Insurance plc and CGU International Insurance plc.
From September all relevant documentation or communications in whatever format or medium should display only the new names.
As all Aviva companies need to ensure that the new names are used from 1st September 2006, we need broker support and vigilance to make this possible.
This is a change of company status and name and not a change of insurer or underwriter, nor a transfer of business.
To make it happen, we will be amending all internal and external communications and systems that refer to CGUI or CGUII. This includes:
- pre-printed documentation
- system generated printed documents
- stationery (e.g. headed paper and compliment slips)
- templates or signage
- internet pages
- fax headers/ footers and
- e-mail headers/ footers.
We need your support in making sure that the existing company names remain in use until 31 August 2006. Please ensure that only the new names are used from 1st September 2006 and that any old literatureyou may have containing the names is destroyed.
A set of frequently asked questions are available with further information about the changes mentioned above.
If you require any additional information about the changes please email echo2@norwich-union.co.uk or contact Andy Fox on 01603 685019
Frequently Asked Questions
- Why are the CGU Companies changing from PLC to Limited?
- Why are CGU Insurance plc and CGU International Insurance plc changing to 'Aviva'?
- What regulatory requirements are there?
- What will be the impact on CGU customers?
- Does the name change mean that the 'Aviva' brand will now be used to trade in the UK?
- We have CGU Insurance plc / CGU International Insurance plc (CGUII) noted in catalogues / sales literature / web pages. What is the requirement for change?
- I need to speak to someone in my branch?
- Who are my project contacts?
Q: Why are the CGU Companies changing from PLC to Limited?
A: Under the new UK Financial Reporting Standard, FRS 21, introduced in 2005, dividends cannot be recognised in the financial statements until they have been legally declared.
In practice, this creates a temporary 'dividend block'.
For Public Limited Companies (PLC) seeking to declare interim dividends, interim accounts must be prepared.
The preparation of interim accounts for a PLC can be a time consuming and costly process, so the flow of dividends through the Aviva group which has PLCs within it has become more complicated.
The aim of the change from PLC to Limited is therefore to simplify the current Group structure to enable dividend flows to be unhindered.
Q: Why are CGU Insurance plc and CGU International Insurance plc changing to 'Aviva'?
A: CGU was the brand adopted following the merger of Commercial Union and General Accident in 1998.
CGU then merged with Norwich Union in 2000 to form the CGNU Group. CGNU changed its name to Aviva plc in 2002.
As the CGU brand has not been used as a major trading brand in the UK for some time, it is now an appropriate time to change the CGU Company names to better reflect the group identity.
Q: What regulatory requirements are there?
A: The CGU Companies must pass a resolution to approve the change of status and name. The resolution must be filed with Companies House.
Companies House will then issue a Certificate of Incorporation on Change of Name.
The name of the company is not changed until the new certificate is issued.
Also the regulators in all countries where the CGU Companies are registered must be notified of the change of status and name.
Q: What will be the impact on CGU customers?
A: There is no transfer of business from one insurer to another as a result of the name change. The insurer is simply changing its own name, but otherwise the customer's policy remains unaffected.
From 1 September 2006 all communications issued by the CGU Companies insurer will use the new name, but all forms and other communication sent to us using the old name will still be valid.
Q: Does the name change mean that the "Aviva" brand will now be used to trade in the UK?
A: No the CGU Companies have been trading principally under the Norwich Union brand and this will continue.
Q: We have CGU Insurance plc / CGU International Insurance plc (CGUII) noted in catalogues / sales literature / web pages. What is the requirement for change?
A: The CGU Insurance plc / CGU International Insurance plc company name for any correspondence or other materials issued after 1 September 2006 must be changed.
You are responsible for changing any references to documentation that you have on your own literature. All materials supplied to you by CGU will need to be re-ordered via your usual process from the 1st September.
All documentation with the old company names referenced will need to be destroyed.
Q: I need to speak to someone in my branch?
A: As part of the project we have identified a nomination for each branch. These are known as your branch champions.
The details of branch champions along with their contact details can be found here (insert link to the list of branch champions and contact numbers). They will be able to assist with any queries that you may have.
Q: Who are my project contacts?
A: You may contact the project team via email on echo2@norwich-union.co.uk or alternatively contact Andrew Fox on 01603 685019 or Suzy Taylor on 01603 845835.
Published: 18/07/2006
