Allianz Group and Liverpool Victoria Friendly Society (LV=) have completed the first stage in the creation of their joint venture and partnership through the planned sale of a 49% 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 £1.7bn ($2.3bn). It allows Allianz and LV= to take a role in the growing UK retail sector by creating a customer-centric insurer in the personal home and motor insurance markets.
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This transaction creates the third largest personal insurer in the UK market.
The second stage of the transaction will take place in 2019, when Allianz will pay an additional £213m for a further 20.9% stake in LV= GI through an agreed, forward purchase based on a total valuation of £1.020bn for 100% 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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