German insurer Allianz Group will buy out the remaining stake in LV= General Insurance that it does not already own, and will acquire Legal & General Group PLC's general insurance business.

Allianz has agreed to acquire Liverpool Victoria Friendly Society Ltd.'s remaining 30.1% stake in LV= General Insurance for up to £365 million.

The transaction is scheduled to close on Dec. 31 and, following completion, Allianz will own 100% of the general insurance business for a total consideration of up to £1.08 billion.

In December 2017, Allianz acquired an initial 49% stake in LV=GI for £500 million with a second stage of the transaction due to take place at the end of 2019 whereby Allianz will pay £213 million for a further 20.9% stake through a forward purchase.

LV= also had a put option as part of this deal, under which it could sell all or part of its remaining shares to Allianz. It is now exercising this option and will receive up to £365 million for its minority 30.1% stake.

Following completion of the deal, Alan Cook, Richard Rowney, David Neave and David Barral will step down from the board of LV=GI, but will remain on the LV= board.

Allianz will also buy 100% of Legal & General Insurance Ltd. for £242 million. The deal is expected to complete by year-end, subject to regulatory approval.

The L&G brand will continue to be used in the U.K. general insurance market for up to three years.

Allianz said the two transactions will position it as the number 2 general insurer in the U.K., with a 9% market share.