Allianz and LV partnership completes
Allianz Group and Liverpool Victoria Friendly Society (LV=) have completed the first stage in the creation of their joint venture and strategic partnership.
Allianz Group has acquired a 49% stake in LV=’s UK General Insurance businesses (LV=GI) with plans to take a further 20.9% share in 2019.
Jon Dye, chief executive of Allianz Insurance plc said, ‘This is an exciting time and a landmark moment in the history of both companies. Now that the deal has been finalised, we can start work on detailed plans for our joint venture which will build on the best of our digital capabilities, technical excellence and customer focus to become a top three UK insurer.’
Steve Treloar, chief executive of LV=GI, said, ‘Following regulatory approval we have now completed the final step in creating our joint venture and strategic partnership with Allianz. It’s an honour to lead this new business and I look forward to working together with my colleagues to make LV=GI the number one choice for brokers and customers.’
LV= has a put option under which it can sell all or part of its remaining shares to Allianz at any time.