Allianz Holdings PLC has bought the remaining 51% stake in LV= General Insurance from Liverpool Victoria Friendly Society Ltd. and also acquired Legal & General Group PLC's general insurance business.

Allianz now owns 100% of LV= General Insurance. Total consideration for the purchase is up to about £1.08 billion.

The company also bought Legal & General's general insurance business for £242 million. It will be combined with LV= GI but the Legal & General brand will continue to be used in the U.K. general insurance market for up to three years.

Mike Crane, current managing director of LV= GI, was appointed as CEO of Legal & General's general insurance division, subject to regulatory approval. Steve Treloar, CEO of LV= GI, will become a member of the Allianz Holdings board and will join the Allianz U.K. management board.