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Bain Capital: Our trading is the only way to save LV

Private equity firm Bain Capital is firmly defended against the controversial acquisition of LV by “saving the business” and maintaining its historic brand.


Private-equity fund Bain Capital has launched a solid defense against the controversial acquisition of LV, saying it “saves the business” and maintains its historic brand.

In a rare public intervention, Bain said a £ 530m bid on LV was “apparently the best option” for 1.2 million members of a life insurance company, and alternatives could be bleak. Insisted.

Matt Popoli, Global Head of Insurance at Bain, emailed Sunday on an alternative, despite a backlash against a plan to pay members £ 100 to abandon each other’s status. “It’s better than that.”

Focus: Bain Capital has launched a solid defense against the controversial acquisition of LV, saying it “saves the business” and maintains its historic brand.

He states: “We want to grow our brand, keep our business alive and bring LV back to its previous state. It is one of the UK’s most competitive providers of protection, savings and retirement products.

“It’s certainly better for consumers than allowing other insurance companies to come in and swallow it and abandon their brand and work.

“We’re going to save our business. This is best for our members and employees because we pay policyholders, allow them to pay off their debts and invest to grow their business. I think it’s an option.

His comments arrive within two weeks of the voting deadline for the proposal. The LV must secure 75% of the members’ votes in order to proceed with the transaction.

Bain’s offer, which surpassed the other 11 bids, has been widely criticized. Politicians have accused Bain of offering “small” amounts to LV members in return for sacrificing interrelationships. In other words, the company will no longer operate for the benefit of its customers.

The deal is also under pressure as rival Mutual Royal London is waiting on its wings to raid a potential merger with LV.

MoS revealed that Royal London boss Barry Odwire wrote to LV to propose a deal if members voted against Bain’s offer.

Sources told the newspaper that Odwire is considering a full-scale merger with LV. This means that members can maintain mutual status under Royal London.

As a result, the LV brand, which refers to the original Liverpool Victoria Insurance Company, founded in 1843, may be sold.

Popoli said:

He argued that alternatives to dealing with Bain were tough. Popoli believes that LV is a “subscale” and that investment is urgently needed to remain competitive and promises to invest £ 160 million. “Simply put, LV can’t continue as it is,” he said.

Popoli added that if a member voted against the transaction, the alternative would not be £ 100 for all members. That way, paid policyholders don’t pay close to £ 2,000 on average.

“I think the condition of LV was much worse than the market probably understood when we were asked to get involved last year.

“Other options include brand destruction, perhaps site closures, and a significant reduction in the number of LV staff jobs.

“If the business continues on its own, the member will not receive payment and all future risks will be passed on to the commercial member.

“Then I think there is always a closure. This is costly. That means there is no payment to the members. All the work goes and obviously the LV brand goes too.

He added that Bain “introduces more products, better customer service, better digitization.”

Let me hear your voice in LV

We encourage LV members, customers, or other people who want to maintain mutual status rather than being acquired by private equity to write in writing.

You can use the wording of the letter printed on the City page of the Daily Mail newspaper (pictured here).

I have included the words to copy and paste into the letter below.

Send to LV =, Liverpool Victoria, County Gates, Bournemouth, Alan Cook, Chairman of BH12NF.

Dear Arankook,

As a signator, I reconsider your decision to sell LV = to Bain Capital and instead urge you to maintain its mutual status.

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Bain Capital: Our trading is the only way to save LV

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