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Lovells advised the UK's largest friendly society LV= on the proposed acquisition of Highway Insurance Group Plc, a personal lines insurer and distribution business. The deal, valued at £150m, was announced on 28 August 2008.
The proposed acquisition will help to accelerate the ambitions of LV= in the broker underwriting channel, adding scale and expertise, deeper financial resources and a broader product range. Highway Insurance Group will benefit from greater resources and the availability of wider opportunities in the insurance market.
This is the third major deal that Lovells has acted on in the corporate insurance sector this year. The Lovells team advising LV= was led by corporate partner Richard Lewis with assistance from senior associate Pravin Aswani, associate Ilona Prynne and trainee Dan Harrington-Greenwood.
Comment: We are delighted to advise long standing client LV= on this strategic takeover which will enable LV= to grow significantly in general insurance.
Last year Lovells advised LV= on its £36m acquisition of the Britannia Rescue roadside rescue and recovery services business from the Civil Service Motoring Association. Lovells also advised LV= on a strategic alliance with independent adviser Lighthouse Group Plc. In 2006 Lovells advised LV= on the acquisition of ABC Insurance.