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A group of UK lawmakers to investigate Bain Capital’s £ 530million ($ 728million) deal for Liverpool Victoria Financial Services savings, retirement and protection firms, The Guardian reported.
Members of the caucus are concerned about the impact the deal will have on members of society, the insurance industry and competition in financial services, said Gareth Thomas, Labor MP for Harrow West and chairman of the multiparty parliamentary group for mutuals. the Guardian.
The group invites LV = Chairman Alan Cook and CEO Mark Hartigan to testify. The survey will examine whether the company’s proposals are good for policyholders, the competition and the business.
Hartigan told The Guardian he welcomed the opportunity to explain why Bain was unique in delivering not only a good financial result for members but also a long-term commitment to LV = s future prospects.
Members and policyholders were not provided with details on why Bain’s offer was chosen over others, according to the report. The group’s board considered an offer from Royal London and received similar offers from other mutuals, the Guardian said, citing people familiar with it, but chose to go with Bain, who is best known for investing. in other industries.
A spokesperson for LV = told The Guardian it was seeking a takeover bid due to restrictions on mutual insurance companies raising investment funds in the wider market.
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