Tue, 30 Apr 2019 | DIVISION SALE
Allianz has revealed that they're holding "exclusive talks" with Legal & General amid plans to buy their home insurance business for up to £350 million.
The German insurance giant has stated that it is in advanced talks to buy the L&G home and pet insurance division, which was put up for sale towards the end of last year.
A successful acquisition of L&G's home insurance branch would make Allianz a much larger presence in the UK market, particularly after their 2017 deal for a joint venture with LV=, which made them the third largest personal insurance in Britain. Allianz had paid an impressive £500 million for a 49 per cent stake in the LV= general insurance business.
According to a source close to Allianz, the deal could be worth between £250 million and £350 million and is thought to be close to being finalised, although it could still fall through.
The exclusive talks with Allianz follows news in December that a number of the country's largest insurance groups were hoping to bid on L&G's home and pet insurance division. Potential candidates included Direct Line, which was thought to be preparing an offer of around £400 million.
Despite the potentially lower offer from Allianz, L&G has expanded significantly under the leadership of chief executive Nigel Wilson, who took over leadership of the company in 2012.
With Wilson at the helm, the firm has gained a greater market share and last month became the first British investment manager to look after more than £1 trillion of savers' money. The firm also revealed last year that it has total assets of £32.2 billion.
This client is a well run, established firm coming to the market with a view to finding a supportive and professional practice to take over current client and staff relationships.
This vendor comes to the market with a view to finding a professional yet friendly firm that values staff and their progression. The principal is happy to provide a warm handover and consultancy agreement for a number of years to ensure a smooth tran...
Excited to present a unique acquisition opportunity for a well-established accountancy firm with a loyal, high-quality client base. This firm offers robust potential for growth, with an impressive portfolio consisting primarily of limited companies.
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