Allianz has finalised its planned acquisition of the remaining 51% of LV=’s general insurance business. The Dorset-based insurer received a total of £1.08bn under the terms of the two-stage deal. In December 2017, Allianz paid £500m for an initial 49% of LV= GIG.

LV= GIG’s chief executive officer, Steve Treloar, chief finance officer, Kevin Wenzel and chief risk officer, Kieran O’Keeffe will join the Allianz UK management board.

Separately, the firm finalised the purchase of 100% of the general insurance division of L&G for £242m. This business is being combined with LV= general insurance group, although the L&G brand will continue to be used in the UK general insurance market for up to three years.

Managing director of LV= GIG broker business, Mike Crane has been appointed as chief executive officer of L&G GI, subject to regulatory approval. He will sit on the LV= GIG executive committee as both chief executive officer of L&G GI and managing director of LV= GIG Broker.

Chief executive officer of Allianz Holdings, Jon Dye added: “This is a pivotal moment in the history of Allianz in the UK.

“These two deals create a formidable player in the UK general insurance market with a balanced business across personal and commercial lines, tremendously strong brands and a great team of people, focused on delivering for our customers.”

Both transactions were initially announced in May 2019.

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