Allianz Snaps Up L&G General Insurance Unit For £242M

Law360, London (May 31, 2019, 1:18 PM BST) -- German insurer Allianz has struck a deal to buy the general insurance businesses of British financial services giant Legal & General for £242 million ($304 million), the companies announced Friday.

The deal for the L&G subsidiary — which provides home cover and pet insurance — will require approval from regulators before it can be completed, which is expected later this year. Two million customers with household insurance policies will be transferred from Legal and General Group PLC to Munich-based Allianz UK.

Allianz also announced on Friday that is also buying out the remaining 51% stake in LV General Insurance Group from Liverpool...

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