Mutual insurer defends sale to US private equity firm but reward for most members would be only £100
The insurer LV= has claimed that a takeover by the US private equity firm Bain Capital will result in £212m in extra distributions for members, as it tried to fight back against criticism of its decision to demutualise.
The 178-year-old life insurance and pensions provider, formerly known as Liverpool Victoria, has accepted an approach by Bain for £530m in a deal that would end its member-owned status. However, members must back the takeover in a vote on 10 December, and the deal has triggered a political storm.
