Read the Beforeitsnews.com story here. Advertise at Before It's News here.
Profile image
By ProactiveInvestors (Reporter)
Contributor profile | More stories
Story Views
Now:
Last hour:
Last 24 hours:
Total:

Royal London proposes deal to break up LV - report

% of readers think this story is Fact. Add your two cents.


Pensions group Royal London has proposed a deal  that would involve splitting insurer LV= with US private equity firm Bain Capital, according to reports.

The board of LV has already approved the sale of the company to Bain for £530mln and LV members are voting on the sale on 10 December. The sale is controversial because of fears LV may lose its mutual status.

The Mail on Sunday reported yesterday that it had seen an email from Royal London chief executive Barry O’Dwyer to LV chief executive Mark Hartigan which proposes a “three-way discussion between Liverpool Victoria, Bain Capital and Royal London” if members vote against the Bain takeover.

It is understood that Royal London, which had a previous offer for LV rejected, is interested in buying only LV’s old with-profits policies and other existing business such as annuities, the Mail on Sunday said.

Bain Capital would take on the LV brand as a separate business aimed at attracting new customers.

Royal London insiders admitted that LV members would likely lose their mutual rights under its alternative proposal, the Mail on Sunday said.

Bain told the newspapert that it plans to almost double the number of policyholders and also pledged not to increase LV’s £350mln debt. 

Matt Popoli, head of insurance at Bain Capital, told the Mail on Sunday: ““We have an ambition to restore LV to its position as a top three life insurance provider across a wide range of products. Our proposal is strengthening LV’s financial position.

“Not only are we providing access to investment capital for growth, we will not be increasing LV’s debt.”

Royal London said in a statement it had been in contact with LV and “asked them to consider if their current proposal to members could be enhanced”, the Guardian reported.

“We are ready to explore any option that delivers a better member outcome, including options that would allow LV= members to become members of Royal London. The board of LV= has not taken up our offer to discuss other possible options but our door is open and we remain ready to engage,” the statement said.

Story by ProactiveInvestors



Source: https://www.proactiveinvestors.com/companies/news/966209/royal-london-proposes-deal-to-break-up-lv-report-966209.html


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!


Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST

Order by Phone at 888-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST

Order by Phone at 888-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST


Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen! 
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover -  Reduces Smart Meter radiation by 96%!  (See Video)

Report abuse

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

MOST RECENT
Load more ...

SignUp

Login

Newsletter

Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.