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=.
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(END) Dow Jones Newswires
August 04, 2017 05:44 ET (09:44 GMT)