Allianz completes purchase of LV GI for £1.1bn; L&G GI acquired for £242m

Written by Adam Cadle

02/01/2020

Allianz has completed the planned acquisition of the remaining 51% of LV General Insurance Group (LV GIG) from Liverpool Victoria Friendly Society (LVFS). The total consideration by Allianz for 100% of LV GIG will be up to £1,078bn.

In addition, Allianz has completed the acquisition of 100% of the general insurance division of L&G GI for £242m. This business is being combined with LV GIG, although the L&G brand will continue to be used in the UK general insurance market for up to three years.
This follows the announcement of these transactions on 31 May 2019.

The completion of these deals positions Allianz as the number two general insurer in the UK, based on full year 2018 figures. The combined business had a gross written premium income of over £4bn and a market share of 9%.

LV GIG CEO Steve Treloar will become a member of the Allianz board which oversees and manages all of Allianz UK’s legal entities. He will report to Jon Dye, chief executive officer of Allianz. Treloar, along with fellow LV GIG colleagues Kevin Wenzel (CFO) and Kieran O’Keeffe (CRO) will join the Allianz UK management board.

LV GIG broker business, current managing director Mike Crane has been appointed as chief executive officer of L&G GI (subject to regulatory approval). He will continue to report into Treloar and sit on the LV GIG executive committee as both chief executive officer of L&G GI and managing director of LV GIG Broker.

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