The European Commission has approved Allianz’s £242m deal to acquire Legal & General’s (L&G) insurance arm.
The announcement came last week on Friday, after the European union’s executive arm found the deal would not cause interference or concerns over competition in the market.
Ben Potts, managing director at Novidea, said: ”Μore consolidation in the broker space is not surprising. The race for scale continues. How successful the integration is will depend in no small way on the technology landscape of the businesses and their integration. Legacy technology and the ability to leverage data is one of the key reasons why insurance acquisitions don’t always deliver on their original promises. But technology can also be the key to helping brokers navigate those tentative, post-merger days, reducing the time it takes for a buyer to get their arms around the acquired business from over a year to months. To maximise merger success, and fast, brokers should be making investment in technology a top priority.”