Allianz Group announced it has acquired a 49 percent stake in Liverpool Victoria Friendly Society’s UK general insurance businesses, the first stage in the creation of the companies’ joint venture and strategic partnership.
The venture creates a general insurance business with over 6 million customers and gross premiums written in excess of £1.7 billion (US$2.3 billion), said Allianz in a statement.
It allows Allianz and Liverpool Victoria Friendly Society (LV=) to take a leading position in the UK personal home and motor insurance markets, the company added.
A second transaction will take place in 2019 when Allianz will pay an additional £213 million (US$286.2 million) for a further 20.9 percent stake in LV=’s general insurance businesses (LV= GI).
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