Following the acquisition of the LV= and L&G General Insurance (GI) businesses Allianz moves to the #2 spot for GI in the UK.
"In the first quarterly update since the acquisitions, Allianz Holdings chief executive Jon Dye said the business had experienced good underlying growth over the quarter, but that the coronavirus pandemic was leading to a slowdown of new business.
“The company has doubled in size to become the second largest general insurer in the UK and achieved substantial underlying growth in both commercial and personal lines,” he said. “However, the quarter also saw significant claims for storms and floods amounting to £68m, and the slowdown in new business due to Covid-19 was already being felt at the end of Q1.”
Matt Scott Insurance Times 13th May 2020
Scott also describes the help Allianz is providing GI and Commercial customers including "£30m available to its direct car and motorbike insurance customers through its Green Heart Support to help those who are experiencing financial difficulties as a result of the outbreak."
The acquisition of both LV= General Insurance and the general insurance business acquired from Legal & General have helped Allianz double the size of its book of business, which now stands at more than £1bn of gross written premium (GWP).