Allianz to acquire LV= general insurance arm stake
August 04, 2017
Multi-line Insurance | Bournemouth, UK
LV= has agreed to sell a 49% stake in its general insurance operations to Allianz for £500 million. The move is part of a new joint venture being set up by the two companies, which could see Allianz take a further 21% stake in 2019. The general insurance unit of LV= booked a £26 million loss in 2016 due to changes in rules on how to calculate injury claims.