LV bosses face backlash over 530m sale to private equity

By Lucy White3 days ago

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The bosses of LV are facing calls to come clean over the money they stand to make after agreeing to sell the 178-year-old insurer to private equity.

Chief executive Mark Hartigan was left red-faced after a damning report into the 530million takeover by US giant Bain Capital called his motives into question.

Campaigners, MPs and industry experts have now accused LV's management of 'selling its heritage down the river' and are pressing executives to reveal how they stand to benefit.

Originally called Liverpool Victoria, it was set up in 1843 to give poorer Liverpudlians a chance to hold a funeral for their loved ones.

But soon after taking charge in 2019, Hartigan kicked off a sale process despite reassuring the firm's members that it had plenty of money to continue on its own and would remain a mutual.

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