Legal & General looking to offload its general insurance unit?

Legal & General looking to offload its general insurance unit? | Insurance Business

Legal & General looking to offload its general insurance unit?

British financial services group Legal & General – which in February revealed it was collaborating with a US insurtech to develop an on-demand homeshare insurance product – is now reportedly looking at selling its general insurance business.

The unit offers home insurance, pet insurance, travel insurance, car insurance, and lifestyle insurance. Sky News sources estimate the operations’ likely sale price to be in the region of £300 million (around AU$523 million).

According to the news network, Fenchurch Advisory Partners has been called in by L&G group chief executive Nigel Wilson and prospective buyers have already been notified of the possible transaction.

Other businesses of the diversified UK enterprise include life insurance and investment management. Earlier this week it was announced that subsidiary Legal & General Affordable Homes Limited has become a registered provider of social housing.