News network names likely new owner of Legal & General unit

Report cites exclusive talks in deal said to be nearing close

News network names likely new owner of Legal & General unit


By Terry Gangcuangco

Is Munich-headquartered Allianz about to get a bigger piece of the UK insurance pie? If reports are to be believed, it looks like it.

According to Sky News, Allianz is in advanced exclusive talks with British financial services giant Legal & General to snap up the latter’s home insurance operations. While the purchase is said to be in the offing, a source for the news network also pointed to the possibility of a no-deal.

If it pushes through though, the transaction would follow the German insurer’s highly touted joint venture with mutual LV= and would mean further consolidation in the UK market.

Estimated to be worth around £300 million, the L&G unit supposedly being offloaded also includes the firm’s pet insurance business. The general insurance arm, as reported by Insurance Business last month, posted zero operating profit in 2018.

Meanwhile Bromley-based Direct Line Group was previously named as among those interested in making a swoop for the L&G division.


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