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LV=, Allianz may cut up to 400 jobs as part of JV

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LV=, Allianz may cut up to 400 jobs as part of JV

Liverpool Victoria Friendly Society Ltd. and Allianz Group disclosed business plans to transfer their personal and commercial portfolios as part of their joint venture, known as LV= GI.

Allianz will transfer its personal home and motor portfolios to LV= GI, which is 49% owned by the German insurer, while LV='s commercial portfolios will transfer to Allianz. The transfers are expected to commence in the second half, with ongoing support required through until the beginning of 2020.

The transfer plans will see about 260 employees at LV= GI that are part of the commercial broker and commercial claims teams at risk of redundancy, subject to consultation. In addition, 60 new roles, mainly based in Croydon, U.K., will be created to manage the additional incoming personal lines business.

Similarly, 140 staff working on the personal motor and home business at Allianz may be let go, subject to consultation, with the redundancies to be phased from the third quarter of 2018 to the first quarter of 2020. Some 60 new jobs will be created within the insurer's small business team at Maidstone to manage the commercial business transferring from LV= GI.