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Jul 2017 Allianz plans to set up a non-life insurance joint venture with its British competitor Liverpool Victoria Friendly Society (LV =).
The deal, amounting to 713 million GBP (939.7 million USD), will give rise to a heavyweight in non-life insurance in the United Kingdom.
It will take place in two stages. In the second half of 2017, the German insurer will take a 49% stake in LV = for 500 million GBP (659 million USD).
In 2019, it will grow to 69.9% in the joint venture capital for an additional amount of 213 million GBP (280.7 million USD). The new entity will be called LV = GI.
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