Sky News has reported that global insurance giant Allianz is in advanced talks to purchase the home insurance business of Legal & General (L&G).
According to reports, the British life insurance company’s home insurance unit had been put up for sale last year, with Sky News reporting in December 2018 that Direct Line had noted its interest in acquiring the unit.
Reports claim that Direct Line was interested in making a £400 million (US$517 million) offer to acquire the unit, although it appears that this failed to come to fruition.
Instead, Sky News has now reported that Germany-based insurer Allianz is in advanced talks to acquire L&G’s home insurance operation.
The British life insurance firm declined to comment when contacted by Reuters, while Allianz could not be reached for comment.