German insurance titan Allianz said on Friday that it had agreed to create a joint venture and strategic partnership with British insurer LV= to form the third-largest property and casualty insurance company in the UK.

Allianz will pay 500 million pounds ($657.35 million) in exchange for a 49 percent stake in LV=’s General insurance business, a deal that is expected to close in the second half of this year.

In a second stage, Allianz will pay 213 million pounds for a further 20.9 percent stage taking place in 2019.

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