2 January 2018Insurance

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.

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More on this story

Insurance
31 May 2019   Allianz is acquiring the remaining 51 percent of Liverpool Victoria Friendly Society's (LV='s) general insurance business that it does not already own, for up to £578 million, and taking full owndership of Legal & General Insurance for £242 million, to become the second largest general insurer in the UK.
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23 March 2018   Liverpool Victoria (LV=) General Insurance (GI), the UK’s third largest car insurer has appointed Kieran O’Keeffe as chief risk officer with immediate effect.
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10 January 2018   Allianz Group’s specialist corporate insurer Allianz Global Corporate & Specialty (AGCS) has appointed Lars Vissing as regional unit London (RUL) head of claims, starting in February 2018.