A month ago Allianz made headlines after it was named as the likely buyer of the general insurance (GI) business of British financial services giant Legal & General Group Plc. Now it’s confirmed: Allianz UK is snapping up Legal & General Insurance Limited for £242 million.
Subject to regulatory approvals, the transaction will see 100% of the GI arm become part of Munich-headquartered Allianz, with the Legal & General brand to still be used in the UK market for up to three years as part of their agreement.
The acquired personal home insurance products provider generated £410 million in gross written premium in 2018.
“We are pleased to announce the purchase of the Legal & General general insurance business which supports our commitment to establish Allianz as a leader in the personal lines market in the UK,” commented Allianz UK chief executive Jon Dye (pictured).
“The Allianz business is robustly capitalised, has a strong reputation for its focus on customer service, and is committed to delivering the advantages of technology for the benefit of the customer.”
Meanwhile the British operations of Allianz will also be augmented by the £578 million swoop for the remaining 51% of LV= General Insurance (LV=GI) held by Liverpool Victoria Friendly Society.
Both deals are expected to be completed by the end of 2019, after which the goal is to combine LV=GI with Legal & General Insurance Limited – positioning Allianz as the number two general insurer in the UK.