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.