Allianz UK is set to acquire Legal & General Insurance Limited, the general insurance business of Legal & General Group Plc for £242m. The deal is set to be completed by the end of the year.
Legal & General Insurance Limited is an established and successful provider of personal home insurance products in the UK. In 2018, the business generated £410m of gross written premiums. As part of the agreement, the Legal & General brand will continue to be used in the UK general insurance market for up to three years. Customers will continue to be supported as normal.
“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,” said Jon Dye, Chief Executive Officer of Allianz Insurance.
“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.”
Once the transaction has been completed, the intention is to combine the Legal & General general insurance business with LV GIG.
Steve Treloar, Chief Executive Officer of LV GIG said: “Over the last few years, we’ve successfully grown our business to become a major household name and the addition of Legal & General’s general insurance business further strengthens our position. Once the business transfers to LV GIG we’ll have over 7 million personal lines customers, a gross written premium of over £2 billion and be a major player in the UK personal lines market.”