Allianz starts decade as the UK’s second-largest general insurer after completing deals worth £820m
- The Munich company has completed two £820 million deals
- The move puts the company just behind Aviva in the general insurance market
Allianz is starting the decade as the UK’s second-largest general insurer after completing a pair of deals worth £820million.
The Munich titan has snapped up the remaining 51 per cent of LV’s general insurance arm which it did not already own, and the general insurance division of Legal & General.
Allianz is starting the decade as the UK’s second-largest general insurer
The deals, worth £820 million, put Allianz behind just Aviva in the UK general insurance market, which includes policies such as car and homeowner cover.
After adding on the new units, the combined business will have made more than £4 billion last year from gross written premiums, and secured a 9 per cent share of the market.
Jon Dye, the chief executive of Allianz UK, said: ‘This is a pivotal moment in the history of Allianz in the UK. These two deals create a formidable player in the UK general insurance market.’
Steve Treloar, boss of LV’s general insurance group, will move on to the board of Allianz UK. Customers who hold insurance policies under the L&G brand will see the branding change to LV, as Allianz merges the businesses.