LV=, the UK based insurance, investment and pensions group, has appear its accretion of the Highway Insurance Group, which includes Highway Insurance and Hero Insurance Services, added accretion the fast growing accepted allowance analysis of LV=.
The antecedent action of 73.35p per share, which was recommended by the Highway Board, was fabricated in August. Highway shareholders aswell accustomed their acting allotment of 1.65p, payable at the alpha of October 2008. This gives an all-embracing amount of the absolute issued allotment basic of Highway of £150m.
Fenchurch Advisory Partners acted as absolute banking adviser to LV while Shore Capital Stockbrokers acted as accumulated agent to LV=.
Mike Rogers, Group Chief Executive of LV= said: "We are admiring to accept completed this accord bound and we attending advanced to affable Highway into the LV= Group. This accretion makes complete cardinal faculty and will abetment us in our declared appetence to become a top 5 insurer in our called markets by 2012."
He continued, "Highway is awful commutual to our absolute accepted allowance operations and will accommodate a able belvedere for growth. Putting the strengths of LV= and Highway calm will accredit us to attempt even added bigger in the insurance broker market."
Highway Insurance will become allotment of the LV= General Insurance business which is led by Managing Director John O'Roarke, who aforetime headed up the Churchill and RBS Insurance businesses.
Andrew Gibson, Chief Executive of Highway, will be blockage on in an advising accommodation until the end of the year, if he will be abrogation to analyze opportunities alfresco the LV= Group.
As LV= is a alternate organisation, endemic by its members, Highway Insurance will be de-listed from the London Stock Exchange in due course.
About LV=:
LV= is a brand of Liverpool Victoria Friendly Society Limited (LVFS) and LV= is a trading appearance of the Liverpool Victoria accumulation of companies.
LV= employs over 2,700 people, serves added than 2.5 actor barter and members, and manages added than £7.7 billion on their behalf. LV= is the UK's better affable association and a arch alternate banking casework provider, accouterment home insurance and car insurance able-bodied as biking and pet allowance absolute to consumers.
It aswell offers allowance articles alone to brokers via the Highway and ABC Insurance brands.
For added advice amuse contact:
Emma Holyer
Press Office
LV=
69 Park Lane
Croydon
CR9 1BG
0208 256 6714
www.lv.com
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