£1bn insurance tie-up

ALLIANZ Group has struck a £1bn deal with LV to create the UK’s third largest personal insurance business.

The tie-up will see the two companies forge a joint venture called LV= GI, with around 6m customers and gross written premiums in excess of £1.7bn.

LV chief executive Richard Rowney said the firms will take ‘a leading role in the growing UK retail sector’.