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).
Source: Allianz
Topics Mergers & Acquisitions
Was this article valuable?
Here are more articles you may enjoy.
The Great Modern Train Robbery: Thieves Steal $200 Million a Year 
Should Parents Be Responsible for Kids Getting Hurt and Killed on E-Bikes? 
US Ready to ‘Take Any Actions Necessary’ to Fight EU ESG Rules 
Jury Finds No Gun Defect, Sides With Sig Sauer in Unintended Discharge Case 
