LV acquiring Allianz’s personal lines
According to Post Online, LV will begin writing renewals of Allianz personal lines business in June 2018.
LV stated that it had prolonged invitations to renewal from May and did not anticipate any hinderances. The plan came to light after an interview with LV managing director Steve Treloar, and Allianz UK CEO Jon Dye.
Steve commented to Post Online, ‘In personal lines we are inviting customers who were previously Allianz customers to become LV customers. To do that we are creating 10 new products in the broker channel, which will enable us to support those new customers with broader footprints than we had in the past.’
Steve added that LV had gone for great continuity for Allianz personal lines clients in terms of coverage.
The transfer begin after Allianz acquired 49% of LV’s general insurance unit in 2017. The LV GI commercial lines book will allocate to Allianz and Allianz’s personal lines book to LV, under the terms of its £500m contract.
Jon told Post Online, ‘We expect it to be a very similar process in commercial. We are building some new products, in areas where we haven’t traded before like taxi and truck. For the rest of the estate we are working on our acceptance criteria, so our footprint is expanded to match the LV footprint as far as we can.’