The transfer of commercial business from LV to Allianz will take place on 20 September, the company confirmed.
The e-traded business will be transferred as a whole on the date, and new business invitations will be issued with Allianz throughout the year.
On Monday, Allianz will issue new business invitations to the first batch of customers whose policies expire from September 20.
The transfer of commercial business from LV to Allianz will take place on 20 September, the company confirmed. The e-traded business will be transferred as a whole on the date, and customers will be issued with new business invitations with Allianz throughout the year.
The process is different from the segmented transfer of personal lines business from Allianz to LV, which was done by tranches, according to software house.
“Most of the business that is e-traded will just roll through on its renewal date, rather than software house by software house,” said Allianz UK CEO Jon Dye, pictured.
“The whole lot will go through at the same time, and then roll through throughout the year as the cases come up to renew.”
The transfer is part of a joint venture between LV and Allianz, in which Allianz will acquire LV’s commercial business, and Allianz’s personal lines business will be transferred to LV.
In total, Allianz will gain a £250m commercial book from LV, and 167 new broker partnerships.
Originally there were 168 new partnerships expected to move over, and Allianz CEO Jon Dye said he was “very happy” the company had only lost one broker during the transition.
“It is causing great excitement,” he said. “It will substantially increase the size of our commercial book and give us the chance to broaden out our underwriting footprint, for instance the new truck and taxi products that will be launched later this year.
“It will give us a presence in the London market through our specialist motor team sitting there in Lloyd’s. That give us the opportunity to pick up business and learn from a channel we at Allianz have never had the opportunity to explore before.”
Some schemes business has already begun moving from LV to Allianz, Dye said, a fact that has contributed to a modest bump in premium from £561.3m to £589m in H1 2018, compared to the same period last year.
Overall the company saw operating profit rise to £87.8m, from £74.7m. Similarly combined operating ratio improved from 96.5% to 94.8% this year.
However revenue remained flat at £1.066bn from £1.063bn, reflecting the transfer of personal lines business from Allianz to LV.
- Roundtable: Is a single customer view taking off in insurance?
- O’Connor replaces Fairchild at the helm of Broker Network
- Home insurance insurtech Buzzvault launches
- Stackhouse Poland makes fourth acquisition of the year
- CBL Corporation expected to be placed in liquidation, sees further delays to watershed meeting
- Ed unveils CEO Hearn’s replacement and plots Bermuda office
- Hyperion hires CFO to replace Oliver Corbett