Allianz and Liverpool Victoria push ahead with JV
Allianz Group and Liverpool Victoria Friendly Society (LV=) have completed the first stage in the creation of their joint venture and strategic partnership through the planned sale of 49 percent stake in LV=’s UK General Insurance businesses (LV=GI) to Allianz Group.
The venture creates a general insurance business with over six million customers and gross premiums written in excess of £1.7 billion. It allows Allianz and LV= to take a leading role in the growing UK retail sector by creating a strong and customer-centric insurer in the personal home and motor insurance markets.
The second stage of the transaction will take place in 2019 when Allianz will pay an additional £213 million for a further 20.9 percent stake in LV= GI through an agreed, forward purchase based on a total valuation of £1.020 billion for 100 percent of LV= GI. As announced in August, LV= has a put option under which it can sell all or part of its remaining shares to Allianz at any time.
More of today's news
Deutsche Rück boss quits; hunt starts for successor
US insurers must be nimble to tackle tax reforms
Ed poaches new marine boss from Aon
Starr hires former ambassador into its Philippines unit
UK temporary insurance platform completes MBO
Pioneer launches ocean marine division
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze