Allianz is to become the second largest general insurer in the UK after agreeing to buy Legal & General insurance and taking control of an LV= venture. The transactions equate to a combined gross written premium income of £4,029m and a market share of 9%. The moves will also establish Allianz as a top four insurer in the UK personal home segment. The acquisitions also mean that by the end of 2019, some 12 million general insurance customers will be insured by Allianz in the UK.

“With these two transactions, we are pleased to demonstrate our further commitment to the UK market. I look forward to our business continuing to build on a strong reputation for technical excellence and customer centricity,” said Niran Peiris, Member of the Board of Management of Allianz SE, responsible for Global Insurance Lines & Anglo Markets, Reinsurance, Middle East, Africa.

Once the transaction has been completed, the intention is to combine the Legal & General general insurance business with LV GIG.

Steve Treloar, Chief Executive Officer of LV GIG said: “Over the last few years, we’ve successfully grown our business to become a major household name and the addition of Legal & General’s general insurance business further strengthens our position. Once the business transfers to LV GIG we’ll have over 7 million personal lines customers, a gross written premium of over £2 billion and be a major player in the UK personal lines market.”

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