Allianz picks brave moment to double down on UK aimeedonnellan
German insurer Allianz on May 31 announced two transactions in the United Kingdom with a joint value of 820 million pounds.
The deals, involving the general insurance businesses of LV and Legal & General, will make Allianz the second-biggest general insurer in Britain with gross written premium income of more than 4 billion pounds and a market share of 9%, the company said. Allianz UK is buying 51% of LV GIG for up to 578 million pounds from joint venture partner Liverpool Victoria Friendly Society . It is spending a further 242 million for L&G’s general insurance business.
The transactions, due to be completed this year, will also place Allianz among the top four home insurers, giving it 12 million UK general insurance customers. Shares in Allianz were down 1.48% at 199 euros by 0811 GMT on May 31. Shares in Legal & General were down 0.6% at 256 pence.
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