Legal & General to sell insurance unit

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Travel insurance

UK-based financial services group Legal & General is reportedly hatching plans to sell its general insurance business unit.

The unit encompasses multiple lines including travel, lifestyle, car, pet and home insurance, and according to Sky News, the likely sale price will sit at at least £300 million. The news network reports that Nigel Wilson, Group Chief Executive of Legal & General, has called in the services of Fenchurch Advisory Partners, and potential buyers have been informed that the transaction is on the cards. Further news will no doubt be forthcoming in the new year.

Earlier in 2018, Legal & General announced a partnership with American insurtech firm Slice Labs, through which the companies will develop an on-demand home-sharing insurance product. Additionally, Legal & General Affordable Homes Limited recently registered as an official provider of social housing in the UK.