Allianz and LV= to Launch GBP1.02 Billion Joint Venture in the U.K.

Insurers Allianz SE (ALV.XE) and Liverpool Victoria said Friday they have agreed to form a new 1.02 billion pound ($1.34 billion) joint venture for the British market using the LV= brand.

The joint venture will be the U.K.'s third-largest personal insurer with more than six million customers and an annual premium income in excess of GBP1.7 billion, the companies said.

Initially, Allianz will have a 49% share in the venture for which it will pay GBP500 million, increasing to 69.9% in 2019 when the German insurer will pay GBP213 million for the extra 20.9% stake.

LV='s current Managing Director of General Insurance Steve Treloar will run the joint venture, reporting to a board drawn from Allianz and LV=.

Write to Adria Calatayud at

(END) Dow Jones Newswires

August 04, 2017 05:44 ET (09:44 GMT)