Allianz to partner with U.K. insurer

Germany-based insurer Allianz S.E. said it will enter into a joint venture with U.K.-based Liverpool Victoria Insurance Co. Ltd. to create a property/casualty insurance unit in the United Kingdom, CNBC reported. Allianz will hold a 49% stake in the JV's general insurance business in exchange for more than £500 million ($657 million) in a deal that is expected to close in the second half of the year. Allianz will pay a further £213 million for an additional 20.9% stake in 2019.

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