Legal and General Bilston
The agreement comes two years after the German company acquired a stake in LV`s non-life insurance business. In 2017, Allianz made its first major foray into the UK insurance market, acquiring a 49% stake in LV`s non-life insurance business in a £713 million deal that made the German company the third-largest insurer in the market. It begins with a new 234-house development in The Junction, Oldbury, a former brownfield site that has been abandoned for two decades. The deal, announced today by West Midlands Mayor Andy Street, has a seven-year term and is the first the company has entered into with a combined authority. Comprehensive content coverage can be provided to include high-value items such as jewelry, laptops, artwork, and musical instruments. These include the sale of savings businesses Mature Savings, Cofunds and Suffolk Life as well as international insurance businesses in the Netherlands, France and India. With our affordable prices, it`s a simple New Year`s resolution. “This is a tremendous vote of confidence in the future of our region from one of the world`s largest investors, and I`m thrilled that L&G has come to the table and agreed on such a monumental commitment with us. The bosses say development plans with hundreds of energy-efficient homes will help the region meet its housing goals and protect the green belt. Life & General (Sedgley) Ltd provides insurance to landlords and occupants, landlords, tenants` content insurance, holiday homes and rental properties. Nigel Wilson, Chief Executive Officer, said: “The sale of the General Insurance business is the right decision for our customers and shareholders. He added: “The West Midlands` economic plan, resources and capabilities make it an attractive destination for trade and investment from around the world; Our role is to ensure that UK funds, including retirement savings, work here so that UK savers can benefit from British prosperity. “This major investment will help regenerate long-neglected areas in the West Midlands, create affordable housing in communities where the need is greatest and drive economic growth in the years to come,” he said.
A landmark deal sees Legal & General invest £4 billion in new housing and infrastructure in the West Midlands. Sir Nigel Wilson, CEO of L&G, said the company has been investing across the UK for more than a decade with projects that have delivered “excellent economic and social results”. L&G, the UK`s largest investor, manages £1.4 trillion. It has funded £30 billion worth of projects outside London, including £2 billion in the WMCA area. If you want to demystify life insurance or learn how to protect your financial goals, check out our guides to get you started. Jon Dye, Chief Executive of Allianz UK, said: “This is a good result for everyone involved and the acquisition of a high-quality business with two million customers combined with the LV= General Insurance business is a solid result.” “I look forward to making this investment, seeing the projects underway and changing the lives of our residents for the better. L&G is focusing more on its investment business, which was responsible for the £1 trillion investment on behalf of investors last year, and has divested non-core and foreign assets. Street said the deal was a “great example” of how the region was “moving forward and achieving a race to the top.” Legal & General will no longer offer policies to households after the bosses sold their £242 million home insurance business to German rival Allianz. Allianz also announced on Friday morning that it was spending a further £365m to buy the rest of Liverpool Victoria Friendly Society (LV), which it does not already own – and values LV at £1.1bn. “We remain focused on executing our strategy and rigorously distributing shareholder capital.
» Find out how affordable term life insurance is today. Banner Life and William Penn insurance has been protecting American families and businesses for more than 70 years. L&G said the money from the sale will be reinvested in its core business. Independent insurance brokers providing insurance policies in the Midlands, Life & General (Sedgley) Ltd specialise in providing home and business insurance to industry, trade and commerce across the country. The two companies had been in exclusive talks about the deal for months as Allianz looked to expand its presence in the UK. Get affordable life insurance and financial protection for the people who matter most to you. Protect your loved ones and plan for the unexpected. Find out what types of coverage we offer to cover you and your family. According to L&G, the insurance business consists mainly of home insurance, with gross premiums of £410 million in 2018, although it did not generate operating profits. Life & General (Sedgley) Ltd has been providing standard and non-standard motor insurance for over 40 years. As an independent insurance broker, Life & General (Sedgley) Ltd can provide auto insurance for most family and business vehicles, including auto, caravan, taxi and van insurance.
The funds will also target new production facilities, research and development, and possibly schools and health centres.
