News

Allianz acquires large percentage of LV

Allianz acquire large percentage of LV

Allianz Holdings plc has acquired the remaining 51 per cent of the LV General Insurance Group (LV GIG) from Liverpool Victoria Friendly Society (LVFS), as well 100 per cent of the general insurance division of Legal & General.

These deals elevate Allianz to number two general insurer in the UK, based on 2018 figures, with a combined gross written premium income of over £4bn and a market share of nine per cent.

Jon Dye, chief executive officer of Allianz Holdings, said: "This is a pivotal moment in the history of Allianz in the UK. These two deals create a formidable player in the UK general insurance market with a balanced business across personal and commercial lines, tremendously strong brands and a great team of people, focused on delivering for our customers."

Steve Treloar, chief executive officer of LV GIG, will become a member of the Allianz Holdings board.

He said: "This is an exciting day for LV GIG and we're very happy to now be part of Allianz and have our colleagues from L&G GI also join us. For the last few years, we've worked incredibly hard to make LV= the brand it is today and, although we've achieved an incredible amount, I believe that with the backing of Allianz, and L&G GI being part of our business, the best is truly yet to come. I'm excited to see what the future brings."

The total consideration by Allianz for 100 per cent of LV GIG will be up to £1.078bn. The acquisition of Legal & General's general insurance division was a further £242m.

Filed Under

We have placed cookies on your device to give you the best possible experience. By continuing to browse our site, you agree to our use of cookies. To find out more, please refer to our Privacy Policy

×

Find an Engineer

To find an engineer please enter your postcode below

Enter Postcode

Search
July/Aug 2019
Assessor Logo

The members magazine of the IAEA.

Published bi-monthly, it covers news, features, case studies, interviews and reports from IAEA meetings across the country to keep members up-to-date with what's happening around the industry. You can read the latest issue online, and also access previous editions by clicking on the relevant links.

Assessor Magazine
Footer Logo

Subscribe to our mailing list

Subscribe

Terms & Conditions | Privacy Policy
copyright 2016 The Institute of Automotive Engineer Assessors