LV, the trading name for Liverpool Victoria, a UK friendly society and financial services provider has announced its acquisition of the Highway Insurance Group.
The acquisition by LV, who currently employs more than 2,700 people with a customer base in excess of 2.5 million, includes Highway Insurance’s General Insurance division and Hero Insurance Services.
Group Chief Executive of LV, Mike Rogers said:
“We are pleased to have completed this deal quickly and look forward to welcoming Highway into the LV Group”
He went on to say:
“This acquisition makes sound strategic sense and will assist us in our stated ambition to become a top five insurer in our chosen markets by 2012. Highway is highly complementary to our existing general insurance operations, and will provide a strong platform for growth. Putting the strengths of LV and Highway together will enable us to compete even more effectively in the insurance broker market.”
The overall value of the acquisition valued Highway’s share capital at £150 million with Highway shareholders receiving an interim dividend of 1.65p in early October 2008.
Highway is a personal lines insurer committed to providing technical and service excellence. Our products are distributed predominantly through over 2,500 independent intermediaries, of which we have strong relationships with across the UK and Northern Ireland. In 2008 we will have more than 650,000 customers, representing total premium income of £260 million.
Highway Insurance will become part of LV’s General Insurance business led by Managing Director John O’Roarke.
Andrew Gibson, Chief Executive of Highway, will remain in an advisory capacity until the end of the year.
Highway Insurance will be de-listed from the London Stock Exchange in due course and be fully integrated into LV, is a mutual organisation owned by its members in due course.
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