LV= completes GI sale to Allianz and appoints new chief executive

LV= has completed the planned sale of its remaining 51% stake of its general insurance business (LV= GI) to Allianz Group.

Total consideration received by LV= for 100% of LV=GI is up to £1.078bn. This follows the announcement of the transaction by LV= on 31 May 2019.

Newly appointed chief executive Mark Hartigan, who is on an initial 12 month contract, was part of the senior leadership team at Zurich Insurance Group between 2009 and 2019. He held a variety of roles and was most recently head of operations for Zurich EMEA.

Before life at Zurich he was deputy chief executive officer of Nexus Group, the largest insurer in the Middle East. He started his career in the British Army and holds a masters degree from King's University College of London.

LV= chairman Alan Cook said: "Mark Hartigan is the ideal candidate to lead LV= as we begin life as a standalone life and pensions business. He brings a wealth of knowledge of the life insurance market and has a strong track record of delivering financial success and business transformation in challenging and fast changing market conditions."

Hartigan added: "LV= is a business I have long admired. As the company completes the sale of its general insurance business and starts 2020 as a focused life and pensions business it's an exciting time to join. I look forward to working with all my new colleagues to build on LV='s heritage and to serve our members, customers and partners."