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Bain Capital Buys Savings, Retirement Business from LV

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LONDON Reuters Liverpool Victoria Financial Services has agreed to sell its savings retirement and protection businesses to funds advised by Bain Capital Credit LP for 530 million pounds 706.54 million, the company said on Tuesday.

Under terms of the deal, LVs withprofitsbusiness will be ringfenced in a separate fund and closed to new business.

The capital available for distribution is expected to increase by up to 40 as a result of the transaction and will be used to increase payments to withprofits members as their policies mature.

The acquisition is subject to regulatory approval, and approval from LV members, and is expected to complete by the end of 2021.

LV sold its general insurance operations to Germanys Allianz last year, and said in June that it was considering a sale of its remaining business.

Reporting By Sinead Cruise, editing by Huw Jones

Source Reuters

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