Liverpool Victoria Friendly Society Ltd.'s discussions with Allianz Group to sell a minority stake in its general insurance business to the latter are ongoing, with no guarantee a deal will be agreed, Reuters reported Aug. 3, citing the U.K.-based insurer.
Negotiations between LV= and Allianz for the sale of an up to 49% stake in the former's general insurance operations were reported to be wrapping up and a deal was expected to be announced Aug. 4, Sky News reported Aug. 2, citing sources. LV='s insurance division was valued at £1 billion, according to Sky News' sources.
Discussions between the U.K. and German insurers were first reported in May, with the talks set to be finalized and a deal expected by Aug. 6, a "source close to the matter" told Reuters, the newswire reported Aug. 3.
A number of interested parties were also previously reported to have contacted LV= with regard to its general insurance business.