The insurer, which has offices in Bournemouth, has recommended a £530 million offer to be taken over by Bain CapitalA group of MPs has called on the governor of the Bank of England to intervene in the proposed sale of the mutual insurer LV= to a private equity group. They are concerned that the board of LV= may be misleading its 1.25 million members and have asked Andrew Bailey to take a look at the proposal and the background to it. SponsoredGareth Thomas, who chairs the all-party parliamentary group for mutuals, wrote to Bailey and questioned whether the bank’s Prudential Regulation Authority, which supervises insurers, was doing enough. He called on the authority to meet members who were opposed to the deal and to look into “an apparent agreement” for the LV= chairman Alan Cook to continue in the post under the new ownership.

Source: The Times May 11, 2021 22:52 UTC