15 May 2017Insurance

LV= confirms receiving offers for general insurance operations

UK insurer Liverpool Victoria Friendly Society (LV=) has confirmed in a statement that it has recently received approaches from a number of parties regarding possible strategic transactions relating to its general insurance operations.

The board of LV= has previously disclosed its consideration of strategic options with a view to strengthening the group's capital position.

"Discussions are at a very early stage, no decisions have been made as to the nature of any transaction(s) and there can be no certainty that any transaction will be agreed or with whom," according to the statement.

A further announcement will be made if and when appropriate, the company noted. LV= was responding to recent press speculation over a potential transaction. On May 12 Sky News said that LV= was in talks with Allianz over the sale of a minority stake in its general insurance operations.

Allianz has not immediately responded to a request by Intelligent Insurer for comment.

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More on this story

13 April 2017   Mutual insurer London Victoria (LV=) recorded an 81 percent fall in operating profit for 2016 due to the UK's personal injury Ogden discount rate change.
3 August 2017   The board of Liverpool Victoria Friendly Society (LV=) has confirmed on Aug. 3 that it is in advanced discussions with Allianz regarding a potential sale of a "significant minority" stake in LV='s general insurance operation.