Allianz and LV= To Create 3rd Largest Personal Insurer in UK

LV=, aka the one that aims to be the go-to destination for personal lines brokers, and Allianz, aka the global one, announced a JV that will create the 3rd largest personal lines insurer in the UK under the LV= brand. Here’s what you should know: (1) The JV combines LV=’s brand in personal insurance with Allianz’s financial strength and technical excellence. (2) Allianz will initially hold a 49% stake in LV=’s General Insurance businesses and LV= a 51% stake. (3) LV= will receive £500 million from Allianz in exchange for that 49% stake in LV=’s General Insurance businesses. (4) The new venture will acquire Allianz’s personal home and motor insurer’s renewal rights while AIlianz will obtain LV= GI’s commercial insurer’s renewal rights:

Bottom Line: the making of a  general insurer servicing over 6 million customers with gross premiums written in excess of £1.7 billion. Subject to regulatory approval.