LV Completes Acquisition of Highway Insurance Group
Released
on: October 17, 2008, 6:08 am
Press
Release Author: LV=
Industry:
Financial
Press
Release Summary: LV has announced that it has completed it's acquisition
of the Highway Insurance Group
Press
Release Body: LV=, the UK based insurance, investment
and pensions group, has announced its acquisition of the Highway
Insurance Group, which includes Highway Insurance
and Hero Insurance Services, further expanding
the fast growing general insurance division of LV=.
The
initial offer of 73.35p per share, which was recommended by the
Highway Board, was made in August. Highway shareholders
also received their interim dividend of 1.65p, payable at the
start of October 2008. This gives an overall value of the entire
issued share capital of Highway of £150m.
Fenchurch
Advisory Partners acted as exclusive financial adviser
to LV while
Shore Capital Stockbrokers acted as corporate
broker to LV=.
Mike
Rogers, Group Chief Executive of LV= said: "We
are pleased to have completed this deal quickly and we look forward
to welcoming Highway into the LV= Group. This acquisition makes
sound strategic sense and will assist us in our stated ambition
to become a top five insurer in our chosen markets by 2012."
He
continued, "Highway is highly complementary to our existing
general insurance operations and will provide a strong platform
for growth. Putting the strengths of LV= and Highway together
will enable us to compete even more effectively in the insurance
broker market."
Highway
Insurance will become part of the LV= General
Insurance business which is led by Managing Director
John O'Roarke, who formerly headed up the Churchill and
RBS Insurance businesses.
Andrew
Gibson, Chief Executive of Highway, will be staying on
in an advisory capacity until the end of the year, when he will
be leaving to explore opportunities outside the LV= Group.
As
LV= is a mutual organisation, owned by its members,
Highway Insurance will be de-listed from the
London Stock Exchange in due course.
-
ends -
About
LV=:
LV= is a trademark of Liverpool Victoria Friendly Society Limited
(LVFS) and LV= is a trading style of the Liverpool Victoria group
of companies.
LV=
employs over 2,700 people, serves more than 2.5 million customers
and members, and manages more than £7.7 billion on their
behalf. LV= is the UK's largest friendly society and a leading
mutual financial services provider, providing home
insurance and car
insurance well as travel and pet insurance direct to consumers.
It
also offers insurance products exclusively to brokers via the
Highway and ABC Insurance brands.
Web
Site: http://www.lv.com
Contact
Details: For further information please contact:
Emma Holyer
Press Office
LV=
69 Park Lane
Croydon
CR9 1BG
0208 256 6714
2012
