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Catch up with the latest press releases from LV=

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LV= acquires Highway Insurance Group

Press release: 13/10/2008

Insurance and investment group LV= today announced that it has completed its acquisition of the Highway Insurance Group. The acquisition, which includes Highway Insurance and Hero Insurance Services, will further expand LV='s fast growing general insurance division.

John O'Roarke, Managing Director of LV= General Insurance, said:
I am very pleased to welcome Highway Insurance into the LV= group. Highway Insurance is a very successful business with high quality staff and is highly complementary to our existing operations. We believe by putting the strengths of LV= and Highway together we will have a strong platform for growth in the broker market, enabling us to compete even more effectively and offer a wider range of competitively priced products to brokers."

"We currently intend to keep the Highway brand as it is and run this alongside ABC Insurance, our existing broker brand. This will mean brokers will continue to benefit from the choice of two different providers, both dedicated to the broker market."

As LV= is a mutual, meaning it is wholly owned by its members, Highway Insurance will be de-listed from the London Stock Exchange in due course.

A new management structure comes into force as from today. Highway Insurance will become part of the LV= General Insurance business which is led by John O'Roarke. Phil Bunker, currently Managing Director of ABC Insurance will additionally oversee Highway Insurance. Chris Hill, currently Managing Director of Highway Insurance will continue in his role and will report to Phil Bunker.

Andrew Gibson, currently 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 of the group.



About LV= (www.lv.com)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. We are the UK's largest friendly society and a leading mutual financial services provider.

ABC Insurance (www.abcinsurance.co.uk) ABC Insurance is the recently launched broker insurance division of the LV= general insurance business, underwriting both Personal and Commercial insurance for SMEs exclusively through brokers.

Highway Insurance Company (www.highway-insurance.co.uk)
Highway is a personal lines insurer committed to providing technical and service excellence. The products are distributed predominantly through 2,500 independent intermediaries across the UK and Northern Ireland.

Hero Insurance Services (www.hero.co.uk)
Hero is a leading personal lines distribution business selling policies via tele-sales and the internet. Hero provides its customers with a range of general insurance products including private cars, vans, motorcycle, household and travel.