When I went through the exercise at the end of 2010 the LR product had just hit the market.

It is backed by Allianz and branded LR.

The key differences (from memory) in favour of the Allianz branded product to my mind were;

1. Could get a 3yr product so much better $/yr value
2. No restriction on where you can service it whereas LR product required serving at LR dealer (subject to maintaining manufacturer's recommended service intervals)

The wording is that it is an exact replacement of the manufacturer's warranty hence it must be in place before the manufacturer's warranty expires.