Norwich Union was a British insurance company. It was originally established in 1797. In 2000, it merged with CGU, to form CGNU, which became Aviva. It was listed on the London Stock Exchange and was once a constituent of the FTSE 100 Index.
On 29 April 2008, Aviva announced that the Norwich Union brand would be phased out and disappear over a period of two years, on the grounds that a consistent Aviva brand would bring "global impact." On 1 June 2009, Norwich Union was rebranded as Aviva.
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect against the risk of a contingent or uncertain loss.
An entity which provides insurance is known as an insurer, insurance company, insurance carrier, or underwriter. A person or entity who buys insurance is known as a policyholder, while a person or entity covered under the policy is called an insured. The insurance transaction involves the policyholder assuming a guaranteed, known, and relatively small loss in the form of a payment to the insurer (a premium) in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must always be reducible to financial terms. Furthermore, it usually involves something in which the insured has an insurable interest established by ownership, possession, or pre-existing relationship.
CGU plc was a large insurance group, created by the merger of Commercial Union and General Accident in 1998. The company was listed on the London Stock Exchange. It merged with Norwich Union in 2000 to form CGNU plc, later renamed Aviva plc.