The Allianz Group has acquired 51% of Liverpool Victoria General Insurance (LV=GI) for 578 million GBP (757.1 million USD).
The acquisition makes the German group the sole shareholder of Liverpool Victoria Friendly Society, a property and casualty insurance company. In December 2017, Allianz acquired 49% of LV=GI for 500 million GBP (654.9 million USD). It is also formalizing the purchase of the non-life subsidiary of Legal & General Group for 242 million GBP (317 million USD).
This dual acquisition allows the German group to rank second largest non-life insurer in the United Kingdom. Premiums collected by these two entities amounted to 4 billion GBP (5.2 billion USD) in 2018, that is 9% of the local market.
Read also | Allianz to consolidate its presence in the UK [4]