Allianz Holdings plc has completed the acquisition of the remaining 51% of the LV General Insurance Group from Liverpool Victoria Friendly Society. The total consideration by Allianz for 100% of LV GIG will be up to £1.078bn.
Allianz Holdings plc has also completed the acquisition of the General Insurance division of Legal & General (L&G GI) for £242m. This business is being combined with LV GIG, although the Legal & General brand will continue to be used in the UK general insurance market for up to three years.
This follows the announcement of these transactions on 31 May 2019.
The completion of these deals positions Allianz Holdings plc as the number two general insurer in the UK, based on full-year 2018 figures. The combined business had a gross written premium income of over £4bn and a market share of 9%.
Steve Treloar, Chief Executive Officer of LV GIG, will become a member of the Allianz Holdings plc Board which oversees and manages all of Allianz UK’s legal entities. He will report to Jon Dye, Chief Executive Officer of Allianz Holdings plc. Steve, along with fellow LV GIG colleagues Kevin Wenzel (Chief Finance Officer) and Kieran O’Keeffe (Chief Risk Officer) will join the Allianz UK management board.
Mike Crane, current Managing Director of LV GIG Broker business, has been appointed as Chief Executive Officer of L&G GI (subject to regulatory approval). He will continue to report into Steve Treloar and sit on the LV GIG Executive Committee as both Chief Executive Officer of L&G GI and Managing Director of LV GIG Broker.
Jon Dye, Chief Executive Officer of Allianz Holdings said: “This is a pivotal moment in the history of Allianz in the UK. These two deals create a formidable player in the UK general insurance market with a balanced business across personal and commercial lines, tremendously strong brands and a great team of people, focused on delivering for our customers.
“We will be looking to build upon the great success of our joint venture with LV GIG in home and motor insurance, strengthened further by the acquisition of L&G GI. With Petplan already being the world leader in pet insurance and the Allianz position as Commercial Insurer of the Year in 2019, we have a strong platform to continue our profitable growth story.”