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Allianz snaps up UK general insurers for $1bn

German group is set to become the UK’s second-largest general insurer

Allianz is set to become the UK’s second-largest general insurer after reaching deals to buy a Legal & General unit and take full control of a venture with Liverpool Victoria for a combined £820m.

Legal & General said on Friday that it has agreed to sell its general insurance business to Allianz UK for £242m.

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