Allianz has completed its planned £1.07 billion acquisition of the UK general insurance arm of Dorset-based Liverpool Victoria Friendly Society (LV=).
LV= had already sold a 49% stake of its insurance business to Allianz for £500 million in 2017. The two firms then ran the business as a joint venture for two years before announcing Allianz’s plans to acquire 100% of the business in May 2019.
The completion of the deal was guided by Richard Rowney, LV=’s former group chief executive who stepped down on December 31, 2019.
“After 13 memorable years with LV= and the successful sale of our general insurance business to Allianz, now felt like the appropriate time to step aside and seek a new opportunity outside of the society,” said Rowney. “Our members continue to enjoy the benefits of being part of a strong and successful mutual organisation and I look back with pride at the strong and trusted brand that our people have worked so passionately to create.”