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Allianz to create joint venture with British insurer LV=

German insurance giant Allianz and British LV= have agreed to create a joint venture in the UK.

The deal will see Allianz paying 500 million pounds for a 49 percent stake in LV='s General insurance business. In a second phase of the transaction in 2019, LV= will receive 213m pounds from Allianz in exchange for a further 20.9 percent.

The joint venture will become the UK's third largest personal insurer with over 1.7 billion pounds in annual premiums.

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