Alliance completes major acquisitions

Allianz Holdings plc has acquired the remaining 51% of the LV General Insurance Group (LV GIG) from Liverpool Victoria Friendly Society (LVFS), as well 100% 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% of LV GIG will be up to £1.078bn. The acquisition of Legal & General’s general insurance division was a further £242m.