Allianz to buy Birmingham insurance division for £242m

Legal & General has 700 people working at Centre City in Birmingham
Allianz has agreed a deal to buy Legal & General's Birmingham-based general insurance division for at least £242m. It will combine the business with LV= General Insurance, which it now completely owns after it bought out the remaining 30.1% stake held by Liverpool Victoria Friendly Society in a separate £365m deal also announced this morning. Jon Dye, chief executive of Allianz UK, said: "This is a good outcome for all the parties involved and acquiring a high quality business with 2m customers to combine with the LV= Gene... You can carry on reading for free, but you have reached the maximum number of pages an unregistered user can view. To register for an account, click here or login below...