Allianz Group and Liverpool Victoria Friendly Society (LV=) have completed the first stage in the creation of their joint venture and strategic partnership through the planned sale of 49 percent stake in LV=’s UK General Insurance businesses (LV=GI) to Allianz Group.
The venture creates a general insurance business with over 6 million customers and gross premiums written in excess of 1.7 billion pounds. It allows Allianz and LV= to take a leading role in the growing UK retail sector by creating a strong and customer-centric insurer in the personal home and motor insurance markets.
The second stage of the transaction will take place in 2019 when Allianz will pay an additional 213 million pounds for a further 20.9 percent stake in LV= GI through an agreed, forward purchase based on a total valuation of 1.020 billion pounds for 100 percent of LV= GI.
As announced in August, LV= has a put option under which it can sell all or part of its remaining shares to Allianz at any time.
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