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.
Established 20 to 25 years, this CA serves primarily limited companies, with a strong average fee of over £1,500 demonstrating the quality and retention of the clientele you will inherit.
Well-established and profitable Lancashire based accounting firm for sale. Principal happy to offer consultancy arrangement post sale to ensure seamless transition.
Well established and profitable Staffordshire based firm for sale, with over 90% of the portfolio consists of limited company clients with very strong average fees in excess of £2,000 and above.
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