LV= ‘did not properly consult members’ on sale to private equity investor

Mutual insurer showed a ‘cavalier attitude’, according to a parliamentary report with cross-party backing

The mutual insurer LV= has disregarded the interests of its members by moving to sell up to a private equity investor without properly consulting them, according to a parliamentary report with cross-party backing.

LV=, a life insurer originally known as Liverpool Victoria, was founded in 1843 to allow Liverpool’s poor to cover burial costs. However, in December it said it would sell itself to Bain Capital in a £530m deal that would see it abandon its status as a mutual owned by its member-customers.

Continue reading…
Source: theguardian
LV= ‘did not properly consult members’ on sale to private equity investor