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Catch up with the latest press releases from LV=

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LV= completes acquisition of Highway Insurance Group

Press release: 13/10/2008

Insurance, investment and pensions group LV= has announced today 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.

The initial offer of 73.35p per share, which was recommended by the Highway Board, was made on 28th August 2008. Highway shareholders also received their interim dividend of 1.65p, payable on 2 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=. Shore Capital Stockbrokers is 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.

"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.



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.

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.