Allianz strengthens its presence in the UK
Allianz has entered into transactions with two parties which will strengthen the insurer’s presence in the UK insurance market. The transactions, which are expected to be completed by end of 2019, will position Allianz among the top two general insurers in the UK with a 2018 combined gross written premium income of GBP4,029 million and a market share of nine percent. It will also establish Allianz as the fourth top insurer in the UK for personal home segment and a large chunk of insurance customers.
“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.
The Legal & General general insurance has sold its general insurance business. As part of the agreement, the Legal & General brand will continue to be used in the UK general insurance market for up to three years. Customers will continue to be supported as normal.
Allianz UK also agreed to purchase the remaining 51 percent of LV GIG held by LVFS for a total price of up to GBP578 million. The transaction is likely to complete at the end of the year.