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LV= acquires Highway Insurance for £150m

LV= has bought Highway Insurance for £150m as part of its plans to expand its proposition in the general insurance market.

The buyout forms part of the mutual’s raft of recent acquisitions, including Tomorrow, the retirement arm of Swiss Re in 2007, and Britannia Road Rescue.

LV= communications director Nigel Snell says: “We bought Highway Insurance because we like the business, we like the people and we like the products. At the moment the intention is to combine it with our existing GI operations and run them side by side while we decide the best way forward.

“Last year our gross written premiums for GI totalled £347m, our target is to increase that to £1bn by 2012 and acquiring this company will help us accelerate that ambition.”

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