Home & Legacy to remain independent subsidiary
Allianz Cornhill will pump capital into its newly acquired broker, Home & Legacy, to accelerate growth to £100m gross written premium.
The acquisition of Home & Legacy, which currently trades at £30m GWP, will see the insurer enter the high net worth market utilising the broker's distribution arm.
Nick Hall, Allianz personal general manager, said: "We saw this as an opportunity to take up a position in the high net worth market, which is a good market area with great growth opportunities."
The broker, which will remain an independent subsidiary of Allianz Cornhill Holdings, will first be given a cash boost to expand distribution opportunities.
There will also be an expansion of the insurer's direct sales through the broker's internet arm.
Hall added: "We want to expand the entire product range available through the broker - possibly adding some high net worth home cover, new motor products and tying in our pet proposition."
Expanding the broker's cover range, said Hall, would allow the insurer to leverage its products in order to wholesale to new broking partners.
The insurer will also look to extend the broker's mid net worth cover to include further bespoke wordings to its household policy.
To enable Allianz's rapid growth plans Hall said it would be looking to recruit up to 20 new staff to the broker's London ofice.
Gary Burke, currently managing director of the broker, will become a non-executive director. He will be succeeded by Simon Lloyd, formerly operations director.
Hall will become the broker's chairman while Allianz Cornhill chief executive Andrew Torrance and finance director George Stratford will join the broker's board.