Legal & General will use the funds to reinvest in its core business, he said, and close the transaction in the second half of 2019. The portfolio to be sold consists mainly of private clients who have household insurance. ($1 = 0.7930 pounds) (Reporting by Lawrence White; Edited by Susan Fenton) Legal & General Insurance Limited is an established and successful provider of personal home insurance products in the UK. In 2018, the company generated gross premiums of £410 million. Under the terms of the agreement, the Legal & General brand will be used in the UK non-life insurance market for up to three years. Clients will continue to be supported as usual. Steve Treloar, Chief Executive Officer of LV GIG, will join the board of Allianz Holdings plc, which oversees and manages all legal entities of Allianz UK. He will report to Jon Dye, Chief Executive Officer of Allianz Holdings plc. Steve will join the Allianz UK Board with LV GIG colleagues Kevin Wenzel (CFO) and Kieran O`Keeffe (Chief Risk Officer). Allianz Holdings plc has completed the acquisition of 100% of Legal & General`s (L&G GI) General Insurance division for £242 million. This agreement will be combined with LV GIG, although the Legal & General brand will continue to be used in the UK non-life insurance market for three years. “We will build on the great success of our joint venture with LV GIG in home and auto insurance, which will be further strengthened by the acquisition of L&G GI.
With Petplan already the world`s leading provider of pet insurance and Allianz named Commercial Insurer of the Year 2019, we have a strong platform to continue our profitable growth. Legal & General was founded in June 1836 by Sergeant John Adams and five other lawyers in a café in Chancery Lane. [6] Originally called the New Law Life Assurance Society, the Society was limited to lawyers. The name was changed to Legal & General Life Assurance Society to reflect the fact that the policies were available to the general public, but ownership of the shares was limited to lawyers. The group expanded into the UK and soon began acquiring foreign life insurance companies by buying a retirement business from the Metropolitan Life Assurance Company of New York in the 1930s. [6] LONDON, 31. MAY (Reuters) – Britain`s Legal & General Group will sell its general insurance business to a British subsidiary of Germany`s Allianz for 242 million pounds ($305 million). This was announced by the companies on Friday. Jon Dye said: “This is a pivotal moment in Allianz`s history in the UK. These two transactions create an impressive player in the UK non-life insurance market with balanced retail and commercial businesses, extremely strong brands and an excellent team of people focused on delivering to our clients.
The transaction was first announced at the end of May 2019, at the same time as the announcement of Allianz`s acquisition of Legal & General Insurance Limited, the general insurance business of Legal & General Group. “Over the past few years, we have managed to make our company a household name and the addition of Legal & General`s non-life insurance business further strengthens our position. Once the business is transferred to LV GIG, we will have over 7 million retail customers, a gross premium of over £2 billion and will be a major player in the UK retail bond market. L&G`s general insurance mainly includes home insurance with a small pet insurance booklet. Legal & General Group plc, commonly known as Legal & General, is a British multinational financial services and wealth management company headquartered in London, England. Products and services include investment management, life mortgages (a form of share release), annuities, annuities and life insurance. From January 2020, following the sale of Legal & General Insurance to Allianz, Allianz will no longer offer non-life insurance. [3] The firm operates in the UK and US, with investment management firms in the Gulf, Europe and Asia.
[1] With these combined acquisitions, Allianz is expected to significantly expand its presence in the UK and position itself as the second largest general insurer in the region. “We are pleased to announce the acquisition of the Legal & General Insurance business, which supports our commitment to making Allianz a leader in the UK retail market,” said Jon Dye, Chief Executive Officer of Allianz Insurance. “Allianz is well capitalized, has a reputation for focusing on customer service, and strives to leverage the benefits of technology for the benefit of the customer.” “We will look to build on the great success of our joint venture with LV GIG in home and auto insurance, which will be further strengthened by the acquisition of L&G GI,” he added.