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Allianz Legal Protection partners with law firm EAD Solicitors

Press Releases   •   Aug 22, 2017 15:28 BST

Allianz Legal Protection (ALP) has launched a new after the event (ATE) insurance partnership with leading Liverpool law firm EAD Solicitors. ALP will provide ATE insurance for all of EAD’s clinical negligence and personal injury case types.

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Allianz delivers solid half year results

Press Releases   •   Aug 04, 2017 09:58 BST

Allianz UK Financial Results HY 2017 HY 2016 Gross Written Premium (GWP) £ 1104.4m £ 1098.2m Operating Profit £74.7m £86.9m Combined Operating Ratio (COR) 96.2% 96.3%

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Allianz and LV= agree joint venture to create third largest personal insurer in the UK market

Press Releases   •   Aug 04, 2017 09:33 BST

  • Allianz Group and Liverpool Victoria Friendly Society to launch joint venture under the LV= brand name in the UK personal insurance market
  • LV= branded joint venture will be the UK’s third largest personal insurer with over £1.7 billion annual premium income
  • Joint venture combines LV=’s excellent brand and reputation in personal insurance with Allianz’s financial strength and technical excellence, and a shared passion for customer service
  • Allianz will solidify its multi-channel distribution offering in the direct and broker channels in the UK
  • Transaction will see Allianz initially hold a 49 percent stake in LV=’s General Insurance businesses and LV= a 51 percent stake, in a first step
  • Allianz to pay LV= £500 million for the 49 percent stake (total transaction valued at £1.020 billion)
  • Transaction will see Allianz acquire a 69.9 percent stake in long-term joint venture LV= GI
  • Allianz to pay LV= £213 million by 2019 in the second step for a further 20.9 percent stake in joint venture LV= GI through an agreed, forward purchase
  • Transaction subject to regulatory approval

MUNICH/LONDON, August 4, 2017 -- Allianz Group and Liverpool Victoria Friendly Society (LV=) have agreed to launch a joint venture and a longer-term strategic partnership in the UK, creating a general insurance business with over 6 million customers and gross premiums written in excess of £1.7 billion.

The transaction allows Allianz and LV= to take a leading role in the growing UK retail sector by creating a strong and customer-centric insurer in the personal home and motor insurance markets. While the joint venture offers Allianz the opportunity to partner with a trusted brand offering excellent customer service, it provides LV=, the UK’s most trusted and most recommended insurer, the financial strength and expertise to further grow in general insurance through this partnership and enables it to continue to develop in its core Life & Pensions market. The transaction also strengthens Allianz’s position in the commercial market where it has over £1 billion in annual income and complements its broader UK presence including the market leading Petplan brand, and strong positions in legal expense and musical insurance.

LV= will receive £500 million from Allianz in exchange for a 49 percent stake in LV=’s General Insurance businesses. The new, long-term joint venture will acquire Allianz’s personal home and motor insurer’s renewal rights while AIlianz will obtain LV= GI’s commercial insurer’s renewal rights. The first stage of the transaction is expected to close during the second half of 2017. The second stage of the transaction will take place in 2019 and will see Allianz pay £213 million for a further 20.9 percent stake in LV= GI through an agreed, forward purchase based on a total valuation of £1.020 billion for 100 percent of LV= GI. LV= has a put option under which it can sell all or part of its remaining shares to Allianz.1 The transaction is subject to regulatory approvals.

The key benefits of this new partnership include:

  • The combination of two successful, customer-focused businesses.
  • Technical excellence as a result of combining Allianz’s and LV= GI’s expertise in pricing, underwriting and claims.
  • Accelerated innovation and growth through the combination of digital capabilities.
  • Potential opportunities to develop broader joint propositions in the UK market.

“I am thrilled to join forces with LV=, one of UK’s most respected and loved brands. This partnership will first and foremost benefit our customers who will have access to an expanded range of products backed by the financial strength of Allianz. We value LV=’s strong brand and market positioning,” said Oliver Bäte, Chief Executive Officer of Allianz Group.

Richard Rowney, Chief Executive of LV=, said: “I am delighted to announce this joint venture with Allianz, which will see us create the third largest personal insurance business in the UK. With this deal, LV= has a positive future in both General Insurance and Life and Pensions. The strategic partnership with Allianz will allow us to continue to benefit from a growing personal insurance business while also enabling us to strengthen our capital position, leaving us well placed to continue to expand our Life and Pensions business and pursue new digital opportunities.”

“I am delighted that two organizations with excellent reputations in both personal and commercial lines have forged a landmark partnership with the twin aims of benefiting customers and generating profitable growth,” said Jon Dye, Chief Executive Officer of Allianz Insurance plc.

Steve Treloar, Managing Director of General Insurance of LV=, added: “Our joint venture will be a leading personal insurer with a diversified distribution base across direct, broker and corporate partner channels. The combination of LV=’s strong brand, longstanding reputation in personal insurance and excellent customer service with the financial strength, digital expertise and data analytics of Allianz, the world’s largest P&C insurer, will allow us to further develop and expand the products and services that our customers demand.”

The joint venture will be run by Steve Treloar, reporting to a Board of Directors drawn from LV= and Allianz.

For further information please contact:

Allianz

Mark BishopTel. +44 1483 552 731, e-mail: mark.bishop@allianz.co.uk

Thomas AtkinsTel. +49 89 3800 2960, e-mail: thomas.atkins@allianz.com

Daniela MarkovicTel. +49 89 3800 2063, e-mail: daniela.markovic@allianz.com

Christian KroosTel. +49 89 3800 5043, e-mail: christian.kroos@allianz.com

LV=

Jon SellorsTel. +44 20 7634 4447, e-mail: jon.sellors@lv.com

Kaidee SibbornTel. +44 20 7634 4240, e-mail: kaidee.sibborn@lv.com

Notes to editors

1. LV= has a put option under which it can sell all or part of its remaining shares to Allianz. Notice can be served at any time after completion of the first stage of the transaction, with the consideration, during the first two years after completion, being a fixed price based on the total transaction value and fair market value thereafter.

About Allianz

The Allianz Group is one of the world's leading insurers and asset managers with more than 86 million retail and corporate customers. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing over 650 billion euros on behalf of its insurance customers while our asset managers Allianz Global Investors and PIMCO manage an additional 1.3 trillion euros of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we hold a leading position in the Dow Jones Sustainability Index. In 2016, over 140,000 employees in more than 70 countries achieved total revenue of 122 billion euros and an operating profit of 11 billion euros for the group.

About LV=

LV= employs over 5,500 people and serves over 5.8 million customers with a range of financial products. We are the UK’s largest friendly society and a leading financial mutual. We are currently the UK’s joint number one brand for Insurance and Investments, according to the 2016 YouGov Brand Index Buzz Rankings. We offer our services direct to consumers, as well as through IFAs and brokers, and through strategic partnerships with organisations including ASDA and Nationwide Building Society.

These assessments are, as always, subject to the disclaimer provided below.

Cautionary note regarding forward-looking statements

The statements contained herein may include prospects, statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those expressed or implied in such forward-looking statements.

Such deviations may arise due to, without limitation, (i) changes of the general economic conditions and competitive situation, particularly in the Allianz Group's core business and core markets, (ii) performance of financial markets (particularly market volatility, liquidity and credit events), (iii) frequency and severity of insured loss events, including from natural catastrophes, and the development of loss expenses, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) particularly in the banking business, the extent of credit defaults, (vii) interest rate levels, (viii) currency exchange rates including the euro/US-dollar exchange rate, (ix) changes in laws and regulations, including tax regulations, (x) the impact of acquisitions, including related integration issues, and reorganization measures, and (xi) general competitive factors, in each case on a local, regional, national and/or global basis. Many of these factors may be more likely to occur, or more pronounced, as a result of terrorist activities and their consequences.

No duty to update

The company assumes no obligation to update any information or forward-looking statement contained herein, save for any information required to be disclosed by law.

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Allianz Group and Liverpool Victoria Friendly Society to launch joint venture under the LV= brand name in the UK personal insurance market

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The Discount Rate: What next?

Blog posts   •   Aug 02, 2017 15:19 BST

On the 27th February, the then Lord Chancellor and Justice Secretary, Elizabeth Truss announced an unexpected change that caused a major shock. With little warning, the Discount Rate used to calculate serious personal injury compensation payments was reduced from 2.5% to minus 0.75%.

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Allianz launches expert-led construction proposition for brokers

Press Releases   •   Jul 31, 2017 11:09 BST

Allianz UK has today launched its significantly enhanced construction proposition to brokers to achieve further profitable growth in this key insurance sector.

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Allianz confirms John Berry as new director of underwriting and technical, personal lines

Press Releases   •   Jul 25, 2017 10:00 BST

Allianz Insurance has announced that John Berry has been appointed to the role of director of underwriting and technical, personal lines.

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Allianz Legal Protection launches new After the Event scheme with Tozers Solicitors

Press Releases   •   Jul 13, 2017 09:30 BST

Allianz Legal Protection (ALP) has launched a new partnership with leading South West law firm Tozers Solicitors LLP. ALP will provide After the Event (ATE) insurance on a range of personal injury and clinical negligence case types to protect customers against the disbursement and adverse cost risks associated with litigation.

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7,300 reasons to celebrate a decade of success for Allianz’s Excellence in Claims

Press Releases   •   Jul 07, 2017 10:49 BST

The Excellence in Claims (EiC) programme is celebrating its 10 year anniversary since the initiative was accredited by the Chartered Institute of Insurance in 2007.

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ALLIANZ PARTNERS WITH YOUTH SPORT TRUST FOR ‘DARE TO BELIEVE’ FESTIVALS

Press Releases   •   Jun 19, 2017 11:02 BST

National series of school festivals aim to tackle inclusion Allianz has formed a partnership with Youth Sport Trust (YST), a national charity, to deliver 20 ‘Dare to Believe’ Festivals with more than 100 primary schools and over 2000 young people, to tackle attitudes and perceptions to special needs and disability among young people.

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ALLIANZ LEGAL PROTECTION ANNOUNCES PARTNERSHIPS WITH LIME CLINICAL NEGLIGENCE SOLICITORS

Press Releases   •   Jun 08, 2017 10:41 BST

Allianz Legal Protection (ALP) has partnered with leading UK law firm, Lime Clinical Negligence Solicitors, to provide After the Event Insurance with the added benefit of ALP’s Paid as Incurred Disbursement (PAID) model.

Contacts 4 contacts

  • Press Contact
  • Group Communications Manager
  • mark.bishop@allianz.co.uk
  • 01483 552731
  • 07802 925053

  • Press Contact
  • PR Consultant
  • xcvlxtsixxhsaneb.gfzjrlengjtminngmujligghsanlrije@tzsgkralzfweliankpdnapgejcz.excoshed.uk
  • 01483 465 227
  • 07891 570995

  • Press Contact
  • Media Relations Officer
  • amy.dbyokwjmnrbsrshktoryn@iaallilcanklgqz.corgdunlocorbe.uswntnnk
  • 01483 552632
  • 07794266474

  • Press Contact
  • Media Relations Officer
  • qfchlvjgqtarnalmlosklryudwttqsvye.strettptondwynxuwpfnhuuo@alfllianz.co.kbecwoqquk
  • 01483 465217

About Allianz Insurance

Allianz Insurance is one of the largest general insurers in the UK and part of the Allianz SE Group, the largest property and casualty insurer worldwide.

Address

  • Allianz Insurance
  • 57 Ladymead
  • GU1 1DB Guildford