“This is an exciting time and a landmark moment in the history of both companies.”

That was how Allianz Insurance Plc chief executive Jon Dye described the latest development in its deal with mutual LV= that creates the third largest personal insurer in the UK.

The two have announced the regulatory approval and completion of the first stage in their strategic partnership, which is Allianz Group’s 49% stake acquisition in LV=’s UK general insurance businesses (LV=GI) worth £500 million.

“Now that the deal has been finalised, we can start work on detailed plans for our joint venture which will build on the best of our digital capabilities, technical excellence, and customer focus to become a Top 3 UK insurer,” commented Dye.

In 2019 the second stage of the transaction will see Allianz paying an additional £213 million for a further 20.9% stake in LV=GI.

“It’s an honour to lead this new business and I look forward to working together with my colleagues to make LV=GI the number one choice for brokers and customers,” said LV=GI chief executive Steve Treloar.


Related stories:
Allianz, LV= agree to create the UK’s third largest personal insurer
Allianz looking to seal deal with UK insurer - report