The deal saw it acquire the group from Liverpool Victoria Friendly Society (LVFS). A total consideration for 100% of of LV GIG will reportedly be up to £1.078bn.
Following the acquisition, Allianz is now the second largest insurer in the UK.
Chief executive officer of LV GIG, Steve Treloar, will now become a member of the Allianz board, and report to CEO Jon Dye. Other LV GIG members, Kevin Wenzel and Kieran O’Keeffe, will also join the board.
Mike Crane, current managing director of LV GIG, has been appointed as CEO of the Legal and General division.
Jon Dye said: “This is a pivotal moment in the history of Allianz in the UK.
“These two deals create a formidable player in the UK general insurance market with a balanced business across personal and commercial lines, tremendously strong brands and a great team of people, focused on delivering for our customers.”
Steve Treloar said: “This is an exciting day for LV GIG and we’re very happy to now be part of Allianz and have our colleagues from L&G GI also join us.
“For the last few years, we’ve worked incredibly hard to make LV= the brand it is today and, although we’ve achieved an incredible amount, I believe that with the backing of Allianz, and L&G GI being part of our business, the best is truly yet to come. I’m excited to see what the future brings.”