Munich. Allianz SE agreed to buy two insurance businesses in the UK in deals valued at a combined $1 billion, making it the second-biggest general insurer in the country.
The Munich company is set to acquire the general insurance business of Legal & General Group Plc for £242 million ($305 million), and said it would also buy the remaining 51 per cent in LV General Insurance Group that it doesn’t already own.
The two purchases will take the German firm’s share to 9 per cent of the market for general insurance in the UK, with about £4 billion in gross written premiums. Allianz Chief Executive Officer Oliver Baete has been exploring deals to grow, but he’s struggled to find larger deals. Potential targets have included Zurich Insurance Group AG, Aviva Plc and RSA Insurance Group Plc, Bloomberg News reported last year.