Slaughter and May advised Allianz on its acquisition of Legal & General Insurance Limited, the general insurance business of Legal & General Group Plc, for £242 million.
Allianz's acquisition of Legal & General Insurance Limited was announced on 31 May 2019 and is expected to complete by the end of 2019, subject to regulatory approvals. As part of the agreement, the Legal & General brand will continue to be used in the UK general insurance market for up to three years.
Legal & General Insurance Limited is an established and successful provider of personal home insurance products in the UK. The business generated £410 million of gross written premiums in 2018.
Allianz intends to combine the Legal & General general insurance business with LV General Insurance Group (“LVGIG”). Together with Allianz’s acquisition of the remaining 51 per cent. of LVGIG, these transactions will establish Allianz as a top 4 insurer in the UK personal home segment and mean that 12 million general insurance customers are part of Allianz in the UK.
Slaughter and May was supported by Allianz’s internal legal team including Petra Maerkl, Alexander Franz, Steve Hutchings, Tracy Beicken, Andy Cottrell and Emma Baker.