The sale valued the company at approximately €35 million and saw financier Dermot Desmond as well as CEO Oliver Tattan, senior management and an estimated 35 staff sell their shares, with Tattan alone estimated to have received over €10 million in the sale.
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Following widespread speculation for some months and leaks to the press, on Sunday, 6 April 2008 Hibernian Group, the Irish subsidiary of British insurance group Aviva, announced that it had purchased at 70 percent interest in Vivas Insurance, the remaining 30 percent being held by Allied Irish Banks, the last remaining original shareholder.
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Hoover's reports that Aviva is the largest general insurer in Ireland, with a market share of more than 20%.
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