Financial Services

Published: October 4, 2020 | Updated: October 4, 2020

Board of LV= confirm exclusive discussions with US private investment firm Bain Capital

The County Gates site in Bournemouth.
By Andrew Diprose, editor

One of Dorset’s biggest employers has confirmed it is in exclusive discussions with US private investment firm Bain Capital involving a possible transaction.

In a statement issued on October 2, the Board of Liverpool Victoria Financial Services Limited (LV=) said the discussions were ongoing.

It added: “There can be no certainty that any transaction will be agreed, nor any certainty as to the terms on which any such transaction might proceed.

“Any transaction would also be subject to regulatory approval.

“The two organisations will make further announcements if and when appropriate.”

The mutual life pensions and investments group employs about 2,500 people in Dorset.

It made a £15m pre-tax profit  from continuing operations in its last financial year (2019) compared with a loss of £90m in the previous year.

Founded in 1984, Bain Capital is one of the world’s leading private multi-asset alternative investment firms with approximately $105 billion in assets under management.

The US-based company was founded in Boston, Massachusetts.

LV= is headed by Chief Executive Mark Hartigan, pictured left, who took up his post on January 1, initially on a 12 month contract.

It has a base at County Gates in Bournemouth.

Allianz UK took full control of the general insurance arm of LV= from January 1.

The German insurer already had a 49 per cent stake before officially acquiring the remaining 51 per cent.

The £1.1bn purchase of Liverpool Victoria General Insurance Group Ltd (LiV=GI) was first announced in 2017.

It was run as a joint venture before Allianz took full control.