Brussels, 27th September 2007
The European Commission has cleared under the EU Merger Regulation the proposed acquisition of Hamilton Life and Hamilton General (Hamilton), the insurance branch of HSBC Bank of the UK, by Aviva also of the UK. After examining the proposed operation the Commission concluded that the transaction would not significantly impede effective competition in the European Economic Area (EEA) or any substantial part of it.
Aviva is active in the life assurance and non-life insurance markets and in the long term savings and fund management business around the world. Hamilton underwrites life assurance and non-life insurance in the UK and Ireland.
The Commission’s examination of the proposed transaction showed that
the horizontal overlaps between the activities of Aviva and Hamilton would not
result in high market shares, and for all products concerned, the combined firm
would continue to face several strong, effective competitors with significant
market positions. The Commission therefore concluded that the proposed
transaction would not give rise to competition concerns.