Insurer rebuffs move as ‘highly opportunistic’ and follows dismissal of offer from Belgian firm Ageas in February

Direct Line has rejected a £3.3bn takeover offer from its bigger UK rival Aviva, the second time it has rebuffed a suitor this year.

Aviva, the UK’s largest insurer, said it offered 250p a share, made up of cash and Aviva shares, in a non-binding proposal on 19 November. This was rejected by Direct Line on Wednesday, which has declined to engage further with Aviva, according to the statement.