Aviva hands out £500 of free shares to staff after Direct Line takeover

They will need to hold on to the free shares for three years, Aviva said. Aviva officially completed the acquisition after receiving confirmation of the all-clear from the Competition and Markets Authority (CMA). The takeover, which was first announced on December 23 last year, creates a significant force in the motor insurance sector, estimated to cover more than a fifth of the total UK market. Direct Line owns the Churchill and Green Flag brands, as well as its namesake brand as part of a portfolio offering car, pet, home and other insurance policies.

Amanda Blanc, group chief executive at Aviva, said: “The completion of the acquisition of Direct Line brings together some of the country’s best-known and admired insurance brands and brilliant people to better serve the needs of now 20 million UK customers.”

She said the deal “puts us in a very good position to deliver strong returns for shareholders” and supports its strategy.

But the takeover has also sparked fears among workers at the two firms after Aviva revealed at the end of last year that around 2,300 jobs would be at risk.