The German giant Allianz has become Britain’s second biggest general insurer in one fell swoop after striking two deals worth as much as £820 million. The Munich-based company has agreed to acquire Legal & General’s general insurance business for £242 million. At the same time it has also agreed to buy out Liverpool Victoria’s 51 per cent share of their joint venture for as much as £578 million. Combined with Allianz’s existing business in the UK, the two deals will hand the German company a 9 per cent share of the British general insurance market and create a business with total revenues of just over £4 billion. Allianz is one of the world’s largest insurers and traces its roots back to 1890, when it was…

Source: The Times May 31, 2019 11:03 UTC