Allianz and LV announce deal to create £1.7bn personal lines insurer
Allianz is set to pay LV £500m for a 49% stake in the business as a first step but will move to own 69.9% long term paying £713m in total.
Allianz has bought 49% of LV’s general insurance business for £500m in a move that will see the two insurers join forces to create a £1.7bn premium personal lines business under the LV brand.
According to a statement from Allianz the business created by the deal, described as a joint venture, will feature Allianz’s personal home and motor insurer’s renewal rights while AIlianz will obtain LV GI’s commercial insurer’s renewal rights.
The first stage of the transaction is expected to close
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