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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 6 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.
• Acquisition of 49 percent stake in LV=’s UK General Insurance businesses by Allianz Group is now completed
• Transaction creates third-largest personal insurer in the UK market • Allianz to pay another £213 million for a further 20.9 percent stake in LV= GI in 2019 |
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