Following the completion of its £1.078 billion acquisition of the general insurance arm of Liverpool Victoria Friendly Society (LV=), Allianz became the country’s second largest insurer after finalising its planned takeover of Legal & General’s general insurance division (L&G GI) for £242 million.
As part of the acquisition, Mike Crane, the current managing director of LV=’s general insurance business (LV GIG), has been appointed chief executive officer of L&G GI, subject to regulatory approval. He will continue to report to Steve Treloar, CEO of LV GIG and sit on the LV GIG executive committee as both CEO of L&G GI and MD of LV GIG.
“This is a pivotal moment in the history of Allianz in the UK,” said Jon Dye, CEO of Allianz Holdings. “These two deals create a formidable player in the UK general insurance market with a balanced business across personal and commercial lines, tremendously strong brands and a great team of people, focused on delivering for our customers. We will be looking to build upon the great success of our joint venture with LV GIG in home and motor insurance, strengthened further by the acquisition of L&G GI.”