LV buys Highway Insurance

Under the agreement, LVIC has offered to purchase the entire issued and to be issued capital of the company and will pay shareholders of Highway 73.3p per share in cash as well as the interim dividend of 1.65p per share. Mike Rogers, group chief executive of LVIC, said: "General insurance is central to LV's growth plans and our stated ambition is to become a top five insurer in our chosen markets by 2012. This transaction has the potential to accelerate that aim, giving us considerably greater scale in the broker channel. "Our general insurance management team has a strong track record...