A Frenchman with an Aviva investment policy that could be worth billions has taken his battle with the insurer to Sir Adrian Montague, its chairman.
Max-Hervé George, whose policy lets him bet on market movements a week after they have happened, has written an open letter to Sir Adrian demanding to know how many more customers like him Aviva has on its books.
The policy was bought for Mr George by his father, who paid the equivalent of €7,000 for it in 1997. It allows him to shuffle money around into investment funds using prices up to a week old — effectively allowing him to benefit from improvements in value that have already happened.
At the time it was written, trades were transacted on paper