UK group demutualises as private equity funds take a growing interest in the sector
LV, one of the UK’s largest and oldest mutually owned life insurers, is to sell itself to private equity group Bain Capital in a £530m deal. The sale will lead to a cash payout for LV’s 1.3m members, some of whom will also qualify for higher bonuses when their policies mature.
Oliver Ralph FT 15th Dec 2020
This is Bain’s second investment in UK insurance after it bought motor insurer esure two years ago. Matt Popoli, head of insurance at Bain Capital Credit, said: “We are investing in a unique company with an impressive management team and employee base, that is already well positioned in the market.”