5/31/2019, 11:55 AM (Source: TeleTrader)
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Chart for: ALLIANZ SE NA O.N.

Allianz eyes UK insurance market with £820M investment

German insurance company Allianz SE announced on Friday it will buy out the remaining 51% stake in Liverpool-based LV General Insurance Group (LV GIG), bringing the total amount of today's investments in the United Kingdom general insurance market to £820 million. With the latest acquisitions, Allianz is bound to take around 9% of said market, making it the second largest general insurer in the UK.

The complete takeover of LV GIG will cost Allianz up to £578 million. Earlier during the day, the media reported that the German insurance firm bought Legal & General Group PLC's general insurance business for £242 million. Some 12 million general insurance customers are now part of Allianz in the UK.

Member of the Allianz managerial board Niran Peiris stated these two transactions show firm's "further commitment to the UK market," echoing CEO Oliver Bate (pictured), who earlier stated that the property and casualty insurance will be a priority for them.

Breaking the News / MA