Global insurer and reinsurer Allianz has completed its previously announced acquisition of the remaining 51% stake in Liverpool Victoria Friendly Society’s (LV=) UK General Insurance businesses (LV=GI).
The deal was first announced at the end of May 2019 alongside news that Allianz is to acquire Legal & General Insurance Limited, the general insurance business of Legal & General Group.
The combined acquisitions are expected to see Allianz substantially broaden its UK presence, positioning it as the second largest general insurer in the region.
It’s now been revealed that Allianz UK has completed a deal to buy out the remaining 51% stake for up to £578 million. A London Stock Exchange filing states that the total consideration received by LV= for 100% of LV=GI is up to £1.078 billion.