Allianz announces home insurance deal with L&G

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.


Share this article



Latest Businesses for Sale

Financial Compliance & Operational Risk Consultancy
UK Wide

Works with clients from across the financial services industry to ensure business operations are compliant with FCA regulations. Extensive experience including advising on obtaining FCA authorisation, operational risk and regulatory compliance. Offer...

Asking Price: Offers Invited
Turnover: £1,100,000

LEASEHOLD


Claims Management Company
North West, UK

Specialises in assisting clients claim compensation for mis-sold investments and pensions. Considerable potential to diversify into additional financial services and cross-sell to the company’s past and existing client base. Offers invited.

Asking Price: Offers Invited
Turnover: £5,600,000

FREEHOLD


Legal Support Services
North of England, UK Wide

Well-established provider of niche support services to the legal profession. Opportunity to acquire a provider of very niche support services to the legal profession. The business enjoys a flexible cost base which has allowed fast growth to be achiev...

Asking Price: Offers Invited
Turnover: £2,500,000


View more businesses for sale

News Search

Latest News

 
15
 
Nov
 

Carpetright agrees to shareholder takeover deal | BUSINESS SALE

Carpetright has agreed a deal to be taken over by its larges...

 
14
 
Nov
 

Scale manufacturer taken over in MBO | MBO/MBI

Weighing scale manufacturer Marsden Weighing Group has been ...

 
13
 
Nov
 

Brighton energy firm appoints administrators | ADMINISTRATION

Brighton-based utilities company Toto Energy has gone into a...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
04
 
Apr
 

Last Word Media business bought for up to 9x EBITDA | BUSINESS SALE

International B2B media company Last Word Media has been acq...

 
17
 
Dec
 

Ferry operator up for sale | BUSINESS SALE

Ferry operator Scandlines has been put on the market by 3i, ...

 
23
 
Feb
 

Skandia House for sale | COMMERCIAL PROPERTY

A landmark office building in Southampton has gone up for sa...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources