Allianz and LV= to Launch GBP1.02 Billion Joint Venture in the U.K.
04 August 2017 - 7:59PM
Dow Jones News
By Adria Calatayud
Insurers Allianz SE (ALV.XE) and Liverpool Victoria said Friday
they have agreed to form a new 1.02 billion pound ($1.34 billion)
joint venture for the British market using the LV= brand.
The joint venture will be the U.K.'s third-largest personal
insurer with more than six million customers and an annual premium
income in excess of GBP1.7 billion, the companies said.
Initially, Allianz will have a 49% share in the venture for
which it will pay GBP500 million, increasing to 69.9% in 2019 when
the German insurer will pay GBP213 million for the extra 20.9%
stake.
LV='s current Managing Director of General Insurance Steve
Treloar will run the joint venture, reporting to a board drawn from
Allianz and LV=.
Write to Adria Calatayud at
adria.calatayudvaello@dowjones.com
(END) Dow Jones Newswires
August 04, 2017 05:44 ET (09:44 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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