Germany's Allianz is bulking up in Britain with two deals that could top 800 million pounds involving the general insurance businesses of LV= and Legal & General.
The deals will make Allianz the second-biggest general insurer in Britain with gross written premium income of more than 4 billion pounds and a market share of nine percent, it said in a statement.
Allianz UK is buying a 51% stake in LV GIG for up to 578 million pounds from Liverpool Victoria Friendly Society (LVFS). It is spending 242 million for the general insurance business of Legal & General Group Plc.
The transactions, due to be completed this year, will also place Allianz among the top-four home insurers, giving it 12 million UK general insurance customers.
"With these two transactions, we are pleased to demonstrate our further commitment to the UK market," said Allianz SE board of management member Niran Peiris.
The plan is to combine the LV and Legal & General businesses, the company said.
Legal and General also recently sold several of its international insurance and savings businesses, including those in Ireland and Germany. (Reuters)